Federal Reserve Bulletin, 1956-06

FEDERAL RESERVE BULLETIN June BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

E D I T O R I AL C O M M I T T EE Elliott Thurston Woodlief Thomas Winfield W. Riefler Ralph A. Young Susan S. Burr The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed, except in official statements and signed articles. Contents Financing of Business Expansion 553 1956 Survey of Consumer Finances: The Financial Position of Consumers 559 Credit Lines and Minimum Balance Requirements 573 Financing of Large Corporations, 1951-55 580 Federal Reserve Policy Procedure 589 Credit Extended by Banks to Real Estate Mortgage Lenders 593 Current Events and Announcements 594 National Summary of Business Conditions 595 Financial and Business Statistics, U. S. (Contents on p. 597) 599- International Financial Statistics (Contents on p. 653) 654 Federal Reserve Board Publications 669 Board of Governors and Staff 673 Open Market Committee and Staff; Federal Advisory Council 674 Federal Reserve Banks and Branches 674 Index to Statistical Tables 681 Map of Federal Reserve Districts Inside back cover Volume 42 Number 6 Subscription Price of Bulletin A copy of the Federal Reserve Bulletin is sent to each member bank without charge. The subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS INVESTMENT has been an ex- BUSINESS OUTLAYS pansionary factor in the economy this year. Business expenditures for new plant and While consumer spending for houses and equipment have reached record levels in durable goods has been below last year's 1956, continuing the rapid advance which high levels, business demands for capital began in the spring of 1955. Spending in goods have increased notably, with result- the first half of this year is estimated to have ing pressure on capacity in some industries. been more than one-fourth greater than in Accumulation of business inventories has the first half of 1955. A recent survey by continued, especially in industries producthe Department of Commerce and the Secuing capital goods. Prices of industrial marities and Exchange Commission indicates terials have risen further, although more slowly in recent months than earlier in 1956. PLANT AND EQUIPMENT OUTLAYS Increased outlays for plant, equipment, Billions of dollars and inventories have been exerting particularly heavy pressure on business funds in the first half of the year, the period in which income tax payments are concentrated. Funds available from current operations, OTHER while larger than a year ago, have been below the high levels of late 1955. Profits mill have declined, primarily in automobile and related industries, by somewhat more than MANUFACTURING the rise in depreciation allowances. In order to finance their increased spend- 1951 1952 1953 1954 1955 1956 ing, businessmen have relied extensively on credit obtained from banks and capital mar- NOTE.—Estimates of Department of Commerce and Securities and Exchange Commission for corporate and noncorkets. The expansion of business loans at porate business, excluding agriculture. Utilities include railroads, other transportation, public utilities, and communicacommercial banks in the first five months tion. Other includes mining, trade, service, finance, and construction. Broken bar for 1956 indicates expenditures anticiof this year was half again as large as in pated by business. the corresponding period of 1955. Flota- a continued rise in spending in the third tions of corporate securities for new capital quarter of this year, and a survey by the have also been larger, particularly in the McGraw-Hill Publishing Company suggests second quarter of the year. Borrowing sustained heavy expenditures in some induscosts increased in March and April, and tries for several years ahead. although there have been slight declines in Accumulation of business inventories in interest rates recently, costs have remained the first quarter of 1956 was also greater above 1955 levels. than in early 1955. Largest additions to 553 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL RESERVE BULLETIN • JUNE 1956 stocks were in industries manufacturing durable goods. The rise in retail trade in- ELECTRIC UTILITIES ventories, while substantial, was no greater Millions of kilowatt! than usual for this time of year. At the end of March, book values of manufacturing and trade inventories were 8 per cent above March a year earlier, reflecting in part the rise in prices of industrial materials since mid-1955. 40 Business inventories continued to increase in April, as producers of capital goods added further to their holdings and retail stocks rose seasonally. Recently, however, automobile dealers' stocks have been reduced from earlier peaks. 10 Plant and equipment. All major industrial 1940 1950 '55 groups are planning substantial plant expansion programs this year, as is shown in NOTE.—Data from Federal Power Commission, Bureau of Census, and Edison Electric Institute. the chart on the preceding page. Among the largest increases in expected outlays are industries where production has been at or those in industries where customer demands near capacity levels. According to a Dehave been pressing on capacity. Spending partment of Commerce survey, producers of for capital goods has also been stimulated by iron and steel have scheduled capital exdevelopment of new products, by rising la- penditures of more than $1.3 billion this bor and other costs, and by efforts to main- year. These outlays, representing the first tain competitive positions. The sharp in- phase of a three-year program to add 10 creases in sales and profits last year provided per cent to capacity, will be half again as additional incentive to the planning of fur- large as the amount spent for new plant and ther capital outlays. equipment by the steel industry in 1955. Developments in the electric utility in- Producers of primary nonferrous metals dustry illustrate the need for continued expect to double last year's outlays. Railgrowth in capacity as population increases roads have announced large spending proand living standards rise. While electric grams for new equipment, particularly power capacity has more than doubled since freight cars. Manufacturers of railroad 1946, peak loads have increased just about equipment, in turn, are planning substantial as much and, as the chart shows, the margin increases in their outlays for additional between the two has remained narrow. producing facilities. Electric utility companies are planning con- Even in industries where capacity curtinued expansion of capacity this year, with rently exceeds demand, as in the motor expenditures for new plant and equipment vehicle industry, competition among proexpected to be about 15 per cent above 1955. ducers and planning for future markets are Planned increases are even greater in stimulating expenditures for new plant and primary metals, paper, chemicals, and other equipment. Manufacturers of automobiles Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF BUSINESS EXPANSION 555 and trucks expect to spend $1.9 billion this BOOK VALUE OF MANUFACTURING AND TRADE year, two-thirds more than their capital out- INVENTORIES [Seasonally unadjusted, in billions of dollars] lays in 1955. Textile producers are also planning increased capital outlays, but the Increase, or rise will be moderate compared with that decrease (—) On for most other industries. Industry and type hand, Inventories. Growth in business inven- of inventory Mar. 1955 31, 1956 tories this year has been associated in part 1956 lstQ lstQ 2ndQ with rising plant expansion programs. In a period of increasing capital outlays, pro- Total 84.£ 4.0 2.9 -.3 ducers of industrial equipment add to their Manufacturing: stocks of materials and goods in process. Durable goods 27.6 1.4 .2 .5 As new facilities come into operation, in- Nondurable goods 20.0 .1 — '.2 Wholesale trade: ventories at all stages of fabrication tend to Durable goods 6.7 .6 .5 .1 increase. Anticipation of possible increases Nondurable goods 6.0 -.3 -.4 Retail trade: in prices or of possible shortages in sup- Durable goods 11.7 1.3 1.7 0) Nondurable goods 12.9 1.1 -.7 plies of materials essential to expansion programs has provided additional stimulus to 1 Less than $50 million. NOTE.—Department of Commerce data, without adjustment for the accumulation of stocks. seasonal variation or for additions to inventory values arising out of price changes. Details may not add to totals because of rounding. Reflecting these influences, inventory accumulation has been very large in industries Other outlays. Income tax payments have manufacturing durable goods, particularly been a major drain on corporate funds this industrial equipment. In the first quarter year. Profits in 1955 were at record levels, of 1956, manufacturers of durable goods and most of the Federal tax on these incomes added $1.4 billion to their stocks, compared was due to be paid in the first half of 1956. with a rise of $200 million in the first While the Internal Revenue Code of 1954 quarter of last year. Accumulation in these provides for an evening-out of tax payments, industries continued in April, at a rate subinstead of the accelerated schedule that prestantially greater than seasonal and more vailed under the Mills Plan, this goal will rapid than in April of 1955. not be achieved for some time. Most cor- Wholesale and retail trade concerns also porations were required to pay 10 per cent added substantially to their inventories in of their Federal income tax liabilities on the first four months of 1956, but the in- 1955 earnings last fall, and the remaining crease was for the most part seasonal. Lag- 90 per cent by June 15 of this year. In the ging automobile sales had resulted in an acfirst three months of the year, corporate cumulation of new car stocks to record Federal income tax payments totaled $9 levels earlier this year, but recent curtailbillion, a fifth more than in the first quarter ments in automobile production appear to of 1955. have effected some reduction in dealers' Dividend payments have also been large stocks. Retail inventories of other con- this year. Although payments in the first sumer durable goods and of nondurable quarter were below the record disbursemerchandise increased seasonally over the ments at the end of last year, they were 15 first four months of the year. per cent higher than in early 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN • JUNE 1956 In contrast with the rise in most types of CORPORATE PROFITS BEFORE TAXES business outlays, business needs for funds Billions of dollars to finance customers have moderated some- 60 what. Consumer instalment credit has grown less rapidly than last year, charge - 50 accounts were reduced seasonally in the early months of 1956, and the rise in manufacturers' sales was smaller than a year earlier. It is likely, therefore, that corporate notes and accounts receivable have declined somewhat, as compared with the rise in early 1955. 1952 1956 FINANCING FROM INTERNAL SOURCES NOTE.—Seasonally adjusted annual rates. Department of jmmerce estimates, except first quarter of 1956, which is Internal sources have supplied a smaller timated by the Council of Economic Advisers. proportion of the funds needed to finance ment in automobile production, a further corporate business outlays this year than small decline in aggregate profits is likely in they did in early 1955. Profits and deprethe current quarter. ciation allowances are both larger than a The moderate reduction in profits since year ago, and more funds have been obthe end of 1955 has been accompanied by tained from reductions in cash balances and continued growth in corporate depreciation holdings of United States Government seallowances. The rise in these allowances curities. The rise in these sources, howreflects the large postwar expenditures by ever, has not matched the increase in capital business to replace older equipment and outlays and in payments of taxes and divito provide additional capacity, and also the dends. recent revisions in methods of computing Corporate profits. Profits before taxes, depreciation for income tax purposes. though still above the average for 1955, Liquid assets. With profits and tax liabilihave declined from the very high levels ties at high levels in 1955, corporations as achieved in the final months of the year, a group added substantially to their holdings as may be seen in the chart. Corporate of cash and United States Government secuprofits are estimated to have been at a searities last year. The increase from June sonally adjusted annual rate of $45.5 billion through December amounted to $6 billion. in the first quarter of this year, as compared Much of the accumulation was provision for with $46.8 billion in the final quarter of future tax payments, and to some extent it 1955, and with $43.8 billion for 1955 as represented temporary investment of the a whole. proceeds of long-term financing undertaken The decline in profits in the first quarter for continuing plant expansion programs. of this year reflected for the most part lower Reduction in these liquid asset holdings in earnings in automobile and related indusearly 1956 reflected both heavy tax paytries. Increases reported by public utilities ments and increasing expenditures for new and declines in trade and transportation plant and equipment. were seasonal. In view of recent curtail- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF BUSINESS EXPANSION 557 EXTERNAL FINANCING With capital outlays and other business spending exceeding the amount of funds •USINiSS LOANS Of MNIS Cumulative Chang* awing ywr. nillio. doOan that many companies could make available METALS MANUFACTURERS from internal sources, borrowing from banks and through security markets has been very large this year. Business loans at commer- /l956 cial banks rose $1.5 billion in the January- - 600 May period, compared with an increase of $1.1 billion in the first five months of 1955. The volume of corporate security flotations has increased in recent months, and for the - 200 first half of 1956 appears to have been about a sixth larger than a year earlier. Bank loans. Rapid growth in bank loans | i i i to business this year follows a record ex- PUBLIC UTILITIES 7-i 400 pansion in 1955. Much of the business / borrowing last year was associated with the ^^ 200 sharp increase in consumer buying on credit. Sales finance companies, for example, accounted for almost a third of the business i i | loan expansion at large banks. TRADE Loan demands this year have reflected *<— 200 primarily rising business outlays for fixed . —— • *-and working capital. Most of the increase in business loans reported by a sample of weekly reporting banks has been in advances i i i | to producers of metals and metal products, SALES FINANCE COMPANIES including machinery and transportation equipment. These are the industries where some of the sharpest increases in capital outlays are occurring, where inventory accumulation this year has been substantial, 200 and where tax payments have been much larger than a year ago. Net borrowing by metals and machinery 200 industries amounted to almost $1 billion in January-May of 1956, as the chart shows, compared with only $100 million in 1955. About half of this year's increase occurred i i | in March, when it appears to have included JAN APR MAY JUNE an unusual amount of borrowing either for NOTE.—Monthly changes in large loans reported by • sample of more than 200 large weekly reporting bank*. tax payments or for replacement of funds Changes during 19SS are cumulative from Dec. 29, 1954; during 1956, from Dec. 28, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL RESERVE BULLETIN • JUNE 1956 paid out in taxes. Loans to companies in CORPORATE SECURITY ISSUES FOR NEW these industries rose moderately in April CAPITAL and early May, but the rise was offset in [Net proceeds, in billions of dollars] part by net repayments in late May. Borrowing by public utilities through May First half of year Industry of this year was about the same as in the 1953 1954 1955 1956 corresponding period of 1955. A sharp increase in bank loans in March was fol- All industries .. 4.5 3.6 4.2 4.9 lowed by substantial net repayments in April Manufacturing.... .. 1.3 .8 1.4 1.9 and May, when the volume of security is- Utilities .. 2.0 2.2 1.5 1.8 All other .. 1.2 .6 1.3 1.2 sues floated by utility companies was particularly large. NOTE.—Securities and Exchange Commission estimates except for 1956, which includes a Federal Reserve estimate for the second Retailers and wholesalers have borrowed quarter. Utilities include electric, gas and water utilities, railroads and other transportation, and communications. All other includes more from banks this year than last year, real estate, finance, commercial, and micellaneous. despite a smaller increase in inventories. year, these companies borrowed heavily Sales finance companies, however, have on from other sources to repay bank debt. balance reduced their indebtedness to banks Debt issues have represented an unusually in 1956. The slower growth in consumer large proportion of recent offerings. Despite credit outstanding has moderated finance high levels of stock prices, equity issues have company needs for bank loans, and these been only one-seventh of the volume of all companies have also obtained a large vol- flotations, as compared with almost oneume of funds through security issues and third in the second quarter of 1955. Debt other borrowing from nonbank lenders. issues convertible into stock, while large, Seasonal repayments of bank loans by food have been less important than in 1955. processors and commodity dealers have been Rising business demand for funds from much smaller than in early 1955. capital markets already heavily committed Security issues. Corporate security issues to mortgage and other lending has resulted for new capital in the first half of 1956 in an increase in borrowing costs. By midare estimated at almost $5 billion. Security April, yields on outstanding corporate Aaa offerings in the early months of the year bonds had risen 14 basis points from the were below the volume of early 1955, but early March low of 3.07 per cent. Followas plant expansion plans became firmer, ing the change in Federal Reserve discount announcements of forthcoming issues in- rates, yields continued to advance and comcreased sharply. Security offerings in the mercial banks raised the prime rate on busicurrent quarter have been two-fifths greater ness loans. Yields on high-grade corporate than last year and somewhat above previ- bonds reached a high of 3.31 per cent in ous peak quarters in 1952 and 1953. early May, but since then have receded Financing by utilities and manufacturing slightly from these levels. corporations has accounted for the increased With bond yields above those in early volume of security offerings this year, as can 1955 and corporate needs for new funds be seen from the table. The decline in increasing, there has been relatively little offerings by other issuers reflects the smaller refinancing of outstanding issues. The volvolume of flotations by consumer finance ume of corporate flotations for refunding companies in recent months. Earlier this purposes has been the smallest since 1953. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Survey of Consumer Finances The Financial Position of Consumers THE YEAR 1955 was a period of expand- come scale. According to Survey of Coning business activity and increasing con- sumer Finances data, the median income of sumer incomes and expenditures. Accord- all spending units—that is, the income of ing to Department of Commerce estimates, the middlemost unit—rose from $3,700 in aggregate personal income was $16 billion 1954 to $3,960 in 1955, or about 7 per larger in 1955 than in 1954. Data from cent. Mean reported income—that is, the figure obtained by dividing total reported the 1956 Survey of Consumer Finances income by the number of spending units— point to a wide distribution of the increase among consumer spending units.1 rose from $4,420 to $4,650, or about 5 per cent. Survey income data include only Expansion of consumer expenditures, inmoney income, and certain groups of cluding those for houses and consumer duspending units, including transients and rable goods, was accompanied by rising residents of institutions, are excluded from mortgage and short-term indebtedness. the sample. Moreover, the Survey prob- Consumer holdings of liquid assets also inably does not account adequately for the creased despite the high level of consumer very large incomes, which are of particular spending and large acquisitions of nonliquid importance for the mean. assets. Survey data do not suggest any Income changes. About 36 per cent of all marked changes in the distribution of conspending units reported incomes of $5,000 sumer indebtedness or liquid asset holdings or more in 1955 compared with 32 per cent during 1955. in the preceding year. The proportion with incomes from $2,000 to $5,000 declined INCOME from 45 to 41 per cent, as shown by the The increase in consumer income in 1955 chart on the following page, while the prowas apparently spread over most of the inportion with incomes below $2,000 remained unchanged at about 23 per cent. 1 This is the second of a series of articles present- The lowest income groups include many ing the results of the 1956 Survey of Consumer persons who are retired or who for other Finances conducted by the Board of Governors of reasons are not working full time and whose the Federal Reserve System in cooperation with the Survey Research Center of the University of Michigan. incomes are not particularly responsive to The present article was prepared by Mona E. Dingle many forces that tend to increase the higher of the Consumer Credit and Finances Section of the incomes. Moreover, it is probable that Board's Division of Research and Statistics. For material on the methodology of the Survey Survey data conceal some rise in the level and the sampling errors of results see the technical of incomes in the lower brackets. Because appendix in the May 1955 BULLETIN and the technical note in the August 1955 BULLETIN. of improved sampling techniques, the 1956 559 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL RESERVE BULLETIN • JUNE 1956 REAL AND MONEY INCOME same spending unit. Other related persons Per cent of spending units in the household are separate spending units Current dollars 1955 dollars 100 if they earn more than $15 per week and $5,000 1 AND OVER do not pool their incomes. Median rew - 1 annnr 80 ported family income, including income of i _I i all related persons living together, was - IM i ft 1 - 60 $4,260 in 1955, and mean family income \ I 1 OM S2.000- &II® iL sssSi L| «,000 Of was $5,060. Average family incomes have mi ii - 40 risen by a smaller proportion than incomes H 1i1 1 ii - I of spending units in recent years because m $1 Egg! - 20 of the large number of separate households 1 UNDER 1 $2,000 established by persons formerly living with other members of their families. 1955 '54 '47 1955 '54 '47 Comparison of 1955 and 1954 income NOTE.—Income in 1955 dollars is obtained by adjusting reported incomes for changes in the Bureau of Labor Statis- distributions among major regional, occutics consumer price index. pational, and age groupings indicates that Survey was more nearly complete in its the rise in incomes was widely distributed. coverage than the 1955 Survey, and there It extended to all major regions of the is evidence that the spending units covered United States. The increase was substantial in 1956 but missed in earlier years include for all broad occupational groups except the a relatively large proportion of lower inunskilled and service group and farm opercome spending units. ators; the income of these groups apparently The growth of income in 1955 continued changed little or declined in some ranges. the upward trend that has prevailed with The more complete Survey coverage in only brief interruptions since the war. From 1956 may have introduced a downward bias 1947 to 1955 median money income rose into the change shown for unskilled and 57 per cent, and the proportion of persons service workers. Incomes of all age groups earning $5,000 or more increased about one except the one under 25 also increased. and one-half times. The rise in incomes was Changes in the over-all distribution of offset only in part by a 20 per cent rise in income reflect increases and decreases in consumer prices, as measured by the Buthe incomes of many individual spending reau of Labor Statistics index. The prounits. Incomes of individual spending units portion of spending units receiving the are affected not only by developments inequivalent of $5,000 or more in 1955 dolfluencing the economy generally or broad lars increased about two-thirds from 1947 groups of spending units but also by to 1955. changes confined to a particular spending The data cited refer to incomes of conunit, such as movement into a better job sumer spending units. A spending unit or a regular promotion as well as entrance consists of all related persons living together into the labor force or withdrawal from the who pool their incomes. Husband and wife labor force by the head or some other and children under 18 living at home are member. always considered to be members of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 561 The number of spending units reporting in these groups had incomes of less than an increase in income in 1955, as in other $2,000. Conversely, about one-third of the recent years, substantially exceeded the spending units headed by unskilled and servnumber reporting a decline. The propor- ice workers and nearly one-half of those tion reporting an increase last year was headed by farm operators had money inlarger than in 1954, however, while the pro- comes of less than $2,000, while only portion reporting a decrease was smaller. slightly more than one-tenth had incomes About 17 per cent of all spending units re- of $5,000 or more. Data on money inported a rise of 25 per cent or more in in- come, however, typically understate the income from 1954 to 1955. Only 7 per cent comes of farmers, who frequently raise a reported a decline this large. part of their own food. All occupational groups except farm Although incomes increased in all reoperators reported income increases more gions in 1955, they continued to be lower frequently than reductions. As in other re- in the South than in other parts of the cent years, increases were most frequent for United States. About half of all spending spending units headed by professional, man- units in the South had incomes of less than agerial, and clerical and sales personnel. $3,000, while somewhat more than one- The proportion of spending units report- quarter had incomes of $5,000 or more. In ing income increases was largest in the each of the other three major regions only youngest age group covered—that from 18 about one-third had incomes of less than to 24—and declined as age increased. De- $3,000 and about two-fifths received $5,000 creases in income exceeded increases for or more. spending units headed by persons 65 and Sources of income. The data cited include over. The youngest age bracket includes money incomes of all members of the spendmany persons just becoming established in ing unit from all sources. The income of their work, while the oldest age bracket in- the head from wages, a salary, or selfcludes many retired persons with stable or employment is typically the most important declining incomes. source. Many spending units have addi- Income distribution. The 23 per cent of tional income, however, including the wages the spending units with incomes below or salary of the wife or other members of $2,000 in 1955 were concentrated in the the spending unit, income derived from the lower and upper age brackets. Among ownership of securities or real estate, and spending units headed by persons between pensions and annuities. 25 and 55 years of age, only one-eighth had In about one-third of all spending units incomes below $2,000, while nearly one- with a married head the wife had some inhalf had incomes of $5,000 or more. come from wages or a salary in 1955. Incomes of $5,000 or more were received About one-fifth of all wives were employed by about two-thirds of the spending units full time and one-eighth were employed headed by professional, managerial, and part time. As shown in Table 1, more than self-employed persons and by more than half of those employed full time earned betwo-fifths of those headed by clerical and tween $2,000 and $5,000 and about twosales and skilled and semiskilled persons. fifths earned less than $2,000. Only about Fewer than one-tenth of the spending units 4 per cent received $5,000 or more. Of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN • JUNE 1956 TABLE 1 women is less frequent for those with young children than for those without children. WAGE AND SALARY INCOME OF WIFE, 1955 Wages and salaries earned by members [Percentage distribution of employed wives] of the spending unit are the most important All Full- Part- single source of income for each fifth of the Income before taxes employed time time income scale as well as for all spending units wivesi employees employees together. More than three-quarters of all Under $500 31 11 56 spending units have some income from $500-$999 15 9 23 wages and salaries, and such income ac- $l,000-$l,999 16 19 14 $2,000-$2,999 20 30 6 counts for almost three-quarters of aggre- $3,000-$4,999 16 27 1 $5,000 and over 2 4 (2) gate income. As shown by the chart, the relative importance of wages and salaries as All cases 100 100 100 a source of income is greatest among the 1 Includes wives who were self-employed or for whom fraction of middle income groups. time employed was not ascertained. 2 No cases reported or less than one-half of 1 per cent. About one-sixth of all spending units reported some income from interest, divithe part-time workers about 80 per cent dends, or royalties in 1955, and about onereceived less than $1,000 in wages and tenth reported income from the rental of salaries. real estate. For the bulk of spending units The largest proportion of wives with full- income from these sources was below time employment is in spending units with $1,000. The proportion receiving income total incomes between $7,500 and $10,000. from interest and dividends is known to be In many cases the salary of the wife is re- understated, since many spending units that sponsible for bringing total income into the report holdings of savings deposits, savings higher brackets. The proportion of wives and loan shares, and credit union shares fail employed declines at incomes of $10,000 or to report earnings from these sources. Inmore. This income group includes many come from interest, dividends, and rent is spending units in which the husband has a relatively more important at both the lower large salary or professional or business income and many with large incomes from RELATIVE IMPORTANCE OF TYPES OF INCOME property. Part-time employment of wives 1955 Per cent of total income is most frequent in spending units with total 100 incomes below $7,500. Wives of clerical and sales and skilled and semiskilled persons are most frequently employed and those of self-employed businessmen and farmers least frequently employed on outside jobs. Many wives undoubtedly assist their husbands in the operation of businesses and farms and contribute to family income in this way. Employment is less frequent for older wives than for ALL LOWEST 2nd 3rd 4th HIGHEST younger ones, and among the younger SPENDING UNITS Income grouping in fifths Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 563 and the upper ends of the income scale than marketable United States Government secufor the middle income groups. Many re- rities from other investors. tired persons with small total incomes have Data from the Survey of Consumer Fisome income from investment in securities nances do not point to any marked change or real estate. in the proportion of spending units holding Income from social security benefits, liquid assets or the distribution of such assets pensions, and annuities, which is received by during 1955. The proportion of spending about one-quarter of all spending units, is units holding no liquid assets or very small most important relatively in the lower in- amounts may have declined slightly and the come brackets. Noncorporate businesses proportion holding larger amounts may and professional practice and other forms have increased slightly. The postwar inof self-employment are more important as crease in the proportion of spending units sources of income in the upper income holding checking accounts apparently continued in 1955, while the proportion holding brackets than at lower levels. United States Government savings bonds LIQUID ASSETS apparently remained at the reduced level reported last year. Most changes reported Liquid assets held by consumers increased in the distribution of spending units accordfrom early 1955 to early 1956. Major types ing to size of liquid asset holdings in 1955 of liquid assets held by consumers include are well within the range of the sampling currency, checking accounts, savings deerror of the Survey. posits, savings and loan and credit union shares, and United States Government sav- Early in 1956 about 72 per cent of all ings bonds. These are the principal assets spending units reported holdings of some that serve as means of payment or that can liquid assets other than currency, and 33 be converted into means of payment with per cent reported aggregate holdings exlittle delay or risk of loss. The Survey of ceeding $1,000. Checking accounts were Consumer Finances collects data on hold- reported by about 49 per cent of spending ings of all major types of liquid assets except units, savings bonds of the discount variety currency. For comparability with earlier by 31 per cent, and either marketable years, marketable United States Govern- United States Government securities or savment securities are included in Survey liquid ings bonds paying interest currently by asset tabulations, although they are subject slightly more than 1 per cent. About 48 to fluctuations in price accompanying per cent held either savings deposits or savchanges in market rates of interest. ings and loan or credit union shares. Sav- Recent changes in holdings. According to ings deposits, savings and loan shares, and independent data, outstanding savings de- credit union shares are combined in Survey posits and savings and loan shares together tabulations for comparability with earlier increased about $8 billion in 1955, and years, although there are some differences savings bonds increased slightly. There was in the characteristics of their respective also an increase in currency. These assets holders, as is discussed below. About 38 are held mainly by consumers. Consumers per cent of spending units reported holding probably also shared in the increase in de- savings deposits in commercial or mutual mand deposits outstanding and purchased savings banks early in 1956, compared with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN • JUNE 1956 HOLDERS OF SELECTED LIQUID ASSETS for holding current balances and making Per cent of spending units payments. Since about 1950 there has also 100 been some tendency toward an increase in the proportion of spending units holding - 80 savings deposits and savings and loan and SELECTEDASSETS . ^ ^ credit union shares, and in the size of such holdings. This growth reflects in part the 60 rising rates of return on such assets. SAVINGS ACCOUNTS Size of holdings. Early in 1956 the me- - 40 dian reported holding of liquid assets was -*" CHECKING about $800 for all holders and about $300 ACCOUNTS SAVINGS BONDS^ for all spending units. The mean holding - 20 was about $2,700 for all holders and $1,900 for all spending units. It is known that Sur- 1 1 1 i i 1 ! I 1 1 vey data, in addition to omitting currency 1946 1949 1952 1955 holdings, underestimate consumer holdings NOTE.—Selected liquid assets include U. S. Government bonds paying interest currently as well as items shown of other liquid assets. The underestimation separately. Savings accounts include savings and loan and credit union shares as well as savings deposits in commercial is probably due in part to limited coverand mutual savings banks and the Postal Savings System. Savings bonds include only Series A-F and J bonds. age of the upper income groups, which hold a very large proportion of financial assets. 2 per cent reporting postal savings deposits, There may also be some tendency for re- 8 per cent reporting savings and loan shares, spondents to fail to report or to underreport and 6 per cent reporting credit union shares. assets which have been held for some time As shown in the chart, the proportion of or which are held by some one other than spending units that report holding some the head of the spending unit. liquid assets other than currency has The median holding of savings deposits, changed little since the early postwar years. savings and loan shares, and credit union After some decline immediately following shares combined for the spending units rethe war, this proportion has generally fluctuporting holdings early in 1956 was about ated close to 70 per cent. During this $700. More than one-quarter of all holders period, however, there has been a shift in had more than $2,000. The median holdthe relative importance of the various types ing of savings deposits in banks was smaller of liquid assets held. than that for savings and loan shares but The proportion of spending units holding larger than that for credit union shares. discount-type savings bonds declined from The median holding of discount-type sav- 63 per cent early in 1946 to 31 per cent ings bonds was about $400 and that of early in 1956, while the proportion holding checking accounts about $250. checking accounts increased from 34 to 49 Many spending units held more than one per cent. Most of the expansion in the type of liquid asset other than currency at number of checking deposits was in ac- the time of the Survey. About two-fifths of counts below $500. The expansion ap- all liquid asset holders held only one of the parently reflects growing recognition of the three major types of liquid assets covered by convenience afforded by checking accounts the Survey, about two-fifths held two, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 565 about one-fifth held all three types. Nearly upper and the lower income brackets than in all holders of savings bonds early in 1956 the middle brackets. also had either checking or savings deposits. Checking accounts were held somewhat Savings deposits and checking accounts more frequently than savings accounts and were each the only holding reported by savings and loan and credit union shares about one-fifth of all liquid asset holders. combined in the upper income brackets, but Present holders. The frequency of hold- less frequently in the middle income bracking both liquid assets generally and each ets. While savings accounts at banks were major class of liquid assets increases as in- held more frequently than savings and loan come increases. Median holdings also are shares at all income levels, savings and loan larger for the upper income brackets. As shares were relatively more important at the shown in the chart, about 98 per cent of all higher income levels than at the lower levels. spending units with incomes of $7,500 or The proportion of spending units with credit more had some liquid assets other than cur- union shares declined at incomes above rency early in 1956. More than a quarter $10,000. of these held liquid assets in excess of Spending units headed by professional, $5,000. Some spending units in the lower managerial, and self-employed persons hold income brackets also held sizable amounts liquid assets more frequently and in larger of liquid assets; these consisted in part of amounts than other occupational groups. spending units headed by retired persons Early in 1956 more than 90 per cent of or persons who had suffered temporary re- spending units in these groups held some ductions in income. The ratio of liquid liquid assets other than currency, and more assets to income was higher in both the than half of all holdings exceeded $1,000. Although farm operators held liquid assets LIQUID ASSET HOLDERS AND DEBTORS somewhat less frequently, their holdings also EARLY 1956 tended to be large. Conversely, only about Per cent of spending units income class 100 half of the spending units headed by unskilled and service workers held any of the liquid assets covered in the Survey, and almost half of these held less than $300. Checking accounts were held more frequently than savings accounts by spending units headed by professional, self-employed, and managerial personnel and farm operators, while savings accounts were held more frequently by units headed by skilled and semiskilled and unskilled and service workers. Farm operators were the only major group holding savings bonds more fre- UNDER $1,000 $2,000 $3,000 $4,000 $5,000 $7,500 $10,000 quently than savings accounts. $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 $9,999 AND OVER Money income before taxes Differences in the frequency, size, and NOTE.—For liquid assets held, see the chart on p. 564. Debt includes only short- and intermediate-term consumer debt other type of liquid assets held by various occuthan charge accounts; mortgage debt is excluded. Debt and asset holdings are available for incomes of $5,000 or more pational groups reflect in part income difonly in $2,500 intervals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

566 FEDERAL RESERVE BULLETIN • JUNE 1956 ferentials. Moreover, holdings by farmers, TABLE 2 professional and other self-employed per- HOLDERS OF SELECTED LIQUID ASSETS sons, and some unincorporated businesses BY REGION, EARLY 1956 include assets held for business purposes.2 [Percentage of spending units] The proportion of spending units holding North liquid assets is largest in the middle age Type of asset North Cen- South West brackets and lowest in the brackets under East tral 25 and over 65. Median holdings increase Selected liquid assets1.... 78 78 60 71 with age. At any given age and income, holdings tend to be less frequent and smaller Savings bonds2 35 38 19 35 Checking accounts 42 54 49 50 in amount in spending units with small Savings accounts, etc.3 66 48 31 52 children than in those without. Savings accounts in There are important regional differences banks 61 37 20 42 Savings and loan shares. 6 9 8 7 in liquid asset holdings, particularly in the Credit union shares.... 6 7 5 11 types of liquid assets most frequently held. As shown by Table 2, spending units hold 1 Includes U. S. Government bonds paying interest currently, not shown separately. 2 Series A-F and J only. liquid assets most frequently in the North 3 Includes postal savings, not shown separately. East and North Central States and least freare relatively high. Rates available on savquently in the South. The difference in the ings deposits are generally lower in the frequency of holdings reflects income differ- South and the North Central States. In ences and other factors. these areas savings and loan shares have Savings accounts are held much more freexpanded sharply since the war, but checkquently than checking accounts in the North ing accounts also remain relatively more East, but considerably less frequently in the important than in the North East. South and North Central areas. The frequency of holding differs less in the West. CONSUMER INDEBTEDNESS Savings and loan shares are also of consid- The financial position of consumers was aferably greater frequency relative to savings fected during 1955 by the large increase in deposits in the South and North Central short-term and mortgage indebtedness. Acareas than in the North East. cording to Federal Reserve estimates based Most mutual savings banks are located on lender reports, short- and intermediatein the Northeastern part of the United term consumer debt increased about $6 bil- States, and in this area many commercial lion. Mortgage debt on 1- to 4-family banks have recently increased interest rates nonfarm houses increased about $13 bilpaid on savings deposits in order to compete lion. Survey of Consumer Finances data with savings banks. Savings banks are not do not show any marked changes in the important in the West, but interest rates paid distribution of indebtedness among spendon savings deposits by commercial banks ing units. Early in 1956 nearly two-thirds of all 2 The Survey excludes holdings of liquid assets by spending units had some mortgage or shortunincorporated businesses when business and personal accounts are kept separate. No attempt is or intermediate-term consumer debt other made to separate business and personal holdings of than charge account indebtedness, which is farmers and professional or other self-employed persons. not covered by the Survey. About one-sixth Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 567 of all spending units had both mortgage and those holding only a small amount. About short-term consumer indebtedness. Nearly two-thirds of all spending units with pertwo-fifths had consumer debt only, and al- sonal debt hold some liquid assets other than most one-tenth mortgage debt only. As is currency, however, and nearly one-third shown by the chart on page 565, short-term have liquid assets exceeding their indebtedconsumer debt was most frequent among ness. Spending units may assume indebtedspending units with incomes between $4,000 ness rather than draw down liquid asset and $7,500. Mortgage debt was somewhat holdings because they wish to maintain their more frequent in income brackets above savings or their current balances and to pay $7,500 than in lower income brackets. for durable goods as they use them. For the most part, spending units with A subsequent article in this series will short-term consumer debt are not large consider in detail the distribution of conliquid asset holders. At each income level, sumer debt among spending units and the spending units holding a large amount of proportion of consumer income that is liquid assets are much less frequently in- committed for payments on short-term and debted than those without liquid assets or mortgage indebtedness and for rent. SUPPLEMENTARY TABLE 1 INCOME DISTRIBUTION OF SPENDING UNITS, FAMILY UNITS, AND TOTAL MONEY INCOME BEFORE TAXES X [Per cent] Spendingunits Family units Distribution of units Total moneyincome Distribution of units Totail moneyincome Money income before taxes 1955 1954 1953 1955 1954 1953 1955 1954 1953 1955 1954 1953 Under $1000.. . . 11 10 10 1 1 11 9 9 1 1 1 $l,000-$l,999 12 13 13 4 5 4 11 12 10 4 3 $2,000-$2,999 13 14 14 7 8 8 11 11 11 6 6 5 $3,OOO-$3 999 14 17 16 10 13 12 13 15 15 Q 11 10 $4,000-$4,999 14 14 16 13 14 15 13 14 16 11 12 14 $5 000-S7 499 22 21 20 28 28 27 24 24 23 28 29 27 $7,500-$9,999 8 6 6 14 11 10 9 8 8 15 13 13 $10,000 and over 6 5 5 23 20 23 8 7 8 27 24 27 All cases 100 100 100 100 100 100 100 100 100 100 100 100 Median income2 $3,960 $3,700 $3,780 $4,260 $4,100 $4,170 Mean income3 $4 650 $4 420 $4 570 $5 060 $4 900 $5 080 Number of cases 3,014 3,119 3,000 2,729 2,805 2,688 1 Income data for each year are based on interviews early in the 3 Mean income is the average obtained by dividing aggregate following year. money income before taxes by number of spending units or family 2 Median income is that of the middle spending unit or family units. unit in a ranking of all units by size of money income before taxes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN • JUNE 1956 SUPPLEMENTARY TABLE 2 INCOME DISTRIBUTION OF SPENDING UNITS WITHIN OCCUPATIONAL GROUPS 1 [Per cent] Professional Skilled Unskilled and semi- Managerial Self- Clerical and semi- and Farm Money income professional employed and sales skilled service operator before taxes 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 Under $1,000... 2 () 1 2 2 2 2 2 2 14 11 19 24 $1,000-$ 1,999... 2 4 (2 3 7 7 6 9 5 4 23 22 29 24 $2,000-$2,999. . . 3 5 2 3 6 7 15 19 11 12 23 22 15 16 $3,OOO-$3,999... 8 13 9 12 10 10 18 18 16 23 19 21 15 11 $4,000-$4,999.. . 12 12 15 12 10 15 15 22 22 21 11 10 10 7 $5,000-$7,499.. . 37 32 28 38 25 22 29 20 32 32 12 10 11 $7,500 and over. 36 34 44 31 40 37 15 10 12 6 2 2 7 All cases 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Median income. $6,250 $6,020 $6,760 $5,860 $6,000 $5,710 $4,290 $3,980 $4,660 $4,390 $2,520 $2,810 $2,190 $2,080 Mean income.. . $8,140 $7,380 $8,280 $7,480 $8,180 $8,360 $4,980 $4,420 $4,830 $4,500 $2,840 $2,990 $2 860 $3,020 Number of cases 313 290 183 222 262 273 365 378 810 817 299 272 154 213 1 Income data for each year are based on interviews early in the 2 No cases reported or less than one-half of 1 per cent. following year. Occupational groupings are in terms of occupation of head of spending unit. SUPPLEMENTARY TABLE 3 INCOME DISTRIBUTION OF SPENDING UNITS WITHIN SPECIFIED GROUPS, 1955 [Per cent] 1955 money income before taxes Num- All Group characteristic ber of income groups Under $1,000- $2,000- $3,000- $4,000- $5,000- $7,500 $1,000 $1,999 $2,999 $3,999 $4,999 $7,499 and over All spending units , 3,014 100 12 13 14 14 22 14 Number of income receivers in unit: One "2,041 100 14 15 14 15 13 19 10 Two or more '943 100 5 7 11 11 15 29 22 Age of head of spending unit : 18-24 230 100 12 21 25 19 15 6 2 25-34 605 100 3 7 9 17 20 31 13 35-44 699 100 4 7 10 13 17 28 21 45-54 534 100 7 11 12 11 12 25 22 55-64 440 100 15 10 16 14 11 20 14 65 and over 454 100 34 27 14 10 5 7 3 Family status: Single: Age 18-44 293 100 13 22 21 18 13 Age 45 and over 437 100 38 21 15 12 5 Married:* Age 18-44, no children under 18 215 100 6 16 17 27 23 Age 18-44, children under 18 931 100 4 10 14 20 32 18 Age 45 and over, no children under 18 617 100 15 16 11 11 22 16 Age 45 and over, children under 18... 309 100 13 15 24 25 Region:2 North East 100 7 10 13 15 16 24 15 North Central 940 100 10 13 11 13 13 25 15 South 788 100 18 15 16 12 12 15 12 West 418 100 9 10 11 15 14 25 16 «Estimated. includes West North Central and East North Central States; South 1 Age refers to head of spending unit. Includes only spending units includes East South Central, West South Central, and South Atlantic in which both husband and wife are present. States other than Delaware; West includes the Mountain and Pacific 2 Survey regions are denned as follows: North East includes New Coast States. England, the Middle Atlantic States, and Delaware; North Central Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 569 SUPPLEMENTARY TABLE 4 INCOME CHANGE WITHIN SPECIFIED GROUPS [Percentage distribution of spending units] Change from previous year in money income before taxes Number of cases All Income No substan- Income Not Group characteristic cases larger tial change smaller ascertained 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 All spending units 3,014 3,119 100 46 42 34 34 19 23 Occupation of head of spending unit: Professional and semiprofessional 313 290 100 65 58 25 28 14 0) Managerial 183 222 100 58 52 31 34 11 14 0) 0) Self-employed 262 273 100 49 45 27 30 22 23 Clerical and sales 365 378 100 57 57 32 28 10 15 1 0) S U F k a n i r s l m l k e i d l o l e p a d e n r d a a n to s d e r m se is r k v i i l c l e ed 2 8 1 9 1 5 9 0 4 2 2 8 1 7 1 3 2 7 1 1 1 0 0 0 0 0 0 4 5 3 1 0 2 4 4 3 2 0 0 2 3 3 7 2 7 2 3 3 6 5 6 2 3 1 0 8 7 2 4 2 2 3 3 2 3 1 C1 1 ) Age of head of spending unit: 18-24 230 228 100 73 67 13 18 11 14 3 25-34 605 709 100 55 52 26 27 18 20 1 35-44 699 718 100 52 41 30 33 17 25 45-54 534 556 100 43 38 35 36 22 25 0) 55-64 440 447 100 35 33 42 38 21 28 65 and over 454 394 100 22 26 51 51 26 22 1 1 No cases reported or less than one-half of 1 per cent. SUPPLEMENTARY TABLE 5 DISTRIBUTION OF TOTAL MONEY INCOME BEFORE TAXES BY INCOME TENTHS * Percentage of total money income Mean income within tenth Lowest income within tenth Income tenth 1955 1954 1953 1952 1955 1954 1953 1952 1955 1954 1953 1952 Highest tenth 29 29 31 30 $13,830 $12,950 $14,340 $12,000 $8,440 $7,720 $7,680 $7,090 Second 16 15 15 15 7,330 6,770 6,750 6,240 6,500 6,000 6,000 5,500 Third . 13 13 12 12 5,910 5,490 5,450 5,070 5,380 5,060 5,000 4,650 Fourth 11 11 10 11 5,010 4.740 4,710 4,300 4,640 4,350 4,400 4,000 Fifth 9 9 9 9 4,260 4,020 4,080 3,710 3,960 3,700 3,780 3,440 Sixth 8 8 8 8 3.590 3,430 3,480 3,140 3,240 3,120 3,150 2,900 Seventh 6 6 6 6 2; 830 2,810 2,840 2,600 2,470 2,500 2,500 2,340 Eighth 4 5 5 5 2,070 2 110 2 150 1 980 1 650 1 760 1 800 1 600 Ninth 3 3 3 3 1,260 1,370 1,380 1,220 900 1,000 1.000 940 1 1 1 470 540 530 410 1 Income data for each year are based on interviews early in the 2 Data not available. following year. Tenths were obtained by ranking spending units according to money income before taxes. SUPPLEMENTARY TABLE 6 DISTRIBUTION OF TOTAL MONEY INCOME BEFORE AND AFTER TAXES BY INCOME FIFTHS [Per cent] Money income before taxes Disposable income2 Income fifth1 1955 1954 1953 1952 1951 1950 1955 1954 1953 1952 1951 1950 Highest fifth 45 44 46 45 46 44 43 > 42 42 42 42 42 Second 23 24 22 23 22 24 24 23 23 24 24 24 Third 17 17 17 17 17 17 18 18 18 17 18 18 Fourth 11 11 11 11 11 11 11 12 12 12 12 12 Lowest fifth 4 4 4 4 4 4 4 5 5 5 4 4 100 100 100 100 100 100 100 100 100 100 100 100 1 Fifths were obtained by ranking spending units according to 2 Money income less estimated Federal personal income tax. money income before taxes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN • JUNE 1956 SUPPLEMENTARY TABLE 7 EMPLOYMENT STATUS OF WIFE, BY TYPE OF SPENDING UNIT, EARLY 1956 [Percentage distribution of spending units within groups] Type of spending unit N c u a m o s f e b s er spe A nd ll ing i i N n n g o s p u w e n n i i f d t e i - s W pe u i n f n e d i t in in g em W p n l o i o f t y e ed em W plo if y e ed2 t F im ul e l P tim ar e t All spending units 3,014 100 32 68 45 23 Income of spending unit:3 Under $1,000 261 100 71 29 22 7 5 $1,000-$!,999 331 100 55 45 35 10 4 6 $2,000-$2,999 359 100 42 58 42 16 6 9 $3,000-$3,999 384 100 34 66 49 17 7 9 $4,000-$4,999 407 100 19 81 55 26 12 12 $5,000-$7,499 703 100 15 85 52 33 20 12 $7,500-$9,999 277 100 9 91 46 45 37 7 $10,000 and over 292 100 92 63 29 23 6 Occupation of head of spending unit: Professional and semiprofessional. 313 100 26 74 49 25 14 11 Managerial 183 100 13 87 62 25 14 11 Self-employed 262 100 21 79 61 18 9 9 Clerical'and sales 365 100 45 55 33 22 14 8 Skilled and semiskilled 810 100 18 82 50 32 19 11 Unskilled and service 299 100 40 60 38 22 11 10 Farm operator 154 100 21 79 67 12 6 5 Age of head of spending unit: 18-24 230 100 54 46 20 26 18 25-34 605 100 21 79 48 31 19 10 35-44 699 100 19 81 55 26 14 11 45-54 534 100 25 75 49 26 14 10 55-64 440 100 37 63 45 18 10 65 and over 454 100 51 49 41 8 3 1 Also includes spending units from which husband is absent and employed and (2) fraction of time employed is not ascertained. those for which marital status is not ascertained. 3 Money income before taxes in previous year. 2 Includes cases not shown separately in which (1) wife is self- SUPPLEMENTARY TABLE 8 SELECTED LIQUID ASSET HOLDINGS OF SPENDING UNITS AND FAMILY UNITS : [Per cent] Distribution of spending units Distribution of family units Amount 1956 1955 1954 1953 1952 1956 1955 1954 1953 1952 Zero 28 29 26 29 31 28 28 25 28 29 $1-$199 15 17 15 16 17 14 16 14 14 16 $200-$499 12 12 13 12 13 12 12 13 12 13 $500-5999 12 10 13 11 9 11 10 13 11 9 $l,000-$l 999 11 10 11 12 10 11 11 11 12 10 $2,000-$4,999 12 12 13 11 12 13 13 13 12 13 $5,000-$9,999 . . 6 6 5 5 5 6 6 6 6 6 $10,000 and over 4 4 4 4 3 5 4 5 5 4 All cases 100 100 100 100 100 100 100 100 100 100 Number of cases 3,014 3,119 3,000 3,097 2,820 2,729 2,805 2,688 2,756 2,501 1 As of Jan. 1, 1952 and at time of interview early in other years. For types of liquid assets included, see Supplementary Table 9, note 2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

THE FINANCIAL POSITION OF CONSUMERS 571 SUPPLEMENTARY TABLE 9 TYPE AND SIZE OF SELECTED LIQUID ASSET HOLDINGS WITHIN INCOME GROUPS1 [Percentage distribution of spending units] Money income before taxes in preceding year All spending units Type and size of holding Under $1,000 1956 1955 1956 AH types:2 Zero 28 29 58 $l-$499 27 29 18 $500-$l,999 23 21 14 $2 000 $4 999 12 11 6 $5,000 and over 10 10 4 All cases 100 100 100 U. S. savings bonds (series A-F and J):3 Zero . ... 69 69 91 $l-$499 18 17 5 $500 $1 999 8 9 3 $2,000 and over 5 5 1 All cases 100 100 100 Savings accounts:4 Zero . . . .. . . 52 52 77 $l-$499 20 20 7 $500-$ 1 999 15 14 $2,000 and over 13 14 All cases 100 100 Checking accounts: Zero 51 54 $l-$499 31 31 $500-$ 1 999 14 11 $2,000 and over 4 4 All cases 100 100 Number of cases . . 3,014 3,119 00 00 $l,000-$2,999 $3,000-$4,999 $5,000 and over 1955 1956 1955 1956 1955 1956 1955 61 47 46 26 26 8 8 21 23 24 34 37 28 28 8 16 17 25 20 28 29 5 9 8 9 10 19 18 5 5 5 6 7 17 17 100 100 100 100 100 100 100 85 81 80 70 70 54 54 9 11 12 19 18 25 24 3 5 5 7 9 13 13 3 3 3 4 3 8 9 100 100 100 100 100 100 100 82 66 65 50 51 35 33 10 17 15 24 23 24 25 2 8 12 17 15 19 20 6 9 8 9 11 22 22 100 100 100 100 100 100 100 100 75 76 68 71 57 56 27 30 18 16 19 20 30 33 46 44 6 6 12 8 11 9 19 17 1 2 1 1 2 2 8 9 100 100 100 100 100 100 100 100 261 240 690 748 791 923 1,272 1,208 1 Liquid asset data refer to holdings at time of interview early in 3 Amounts are shown as 90 per cent of maturity value in 1956 and year indicated. 88 per cent in 1955. 2 Selected liquid assets include all types of U. S. Government bonds, 4 Includes postal savings and shares in savings and loan associachecking accounts, savings accounts in banks, postal savings, and tions and credit unions as well as savings accounts in commercial shares in savings and loan associations and credit unions; currency and mutual savings banks. is excluded. SUPPLEMENTARY TABLE 10 SELECTED LIQUID ASSET HOLDINGS WITHIN OCCUPATIONAL AND AGE GROUPS X [Percentage distribution of spending units within groups] Amount of liquid asset holdings Number of cases Occupation and age All $2,000- $5,000 cases Zero $l-$499 $500-$1,999 $4,999 and over 1956 1955 1956 1955 1956 1955 1956 1955 1956 1955 1956 1955 Occupation of head of spending unit: Professional and semiprofessional 313 290 100 5 6 28 25 31 31 20 18 16 20 Managerial 183 222 100 6 7 29 27 33 25 16 22 16 19 Self-employed 262 273 100 9 11 21 24 31 29 16 17 23 19 Clerical and sales 365 378 100 14 13 36 41 29 27 14 11 7 8 Skilled and semiskilled 810 817 100 30 30 32 35 21 21 11 9 6 5 Unskilled and service 299 272 100 52 51 28 27 13 11 5 8 2 3 Farm operator .... 154 213 100 23 31 25 26 24 20 9 13 19 10 Age of head of spending unit: 18-24 230 228 100 42 38 39 42 16 16 3 3 (2) 1 25-34 605 709 100 29 29 37 39 23 22 8 7 "i 3 35 44 699 718 100 25 22 32 35 24 25 10 12 9 6 45 54 534 556 100 27 29 22 22 24 22 14 14 13 13 55 64 440 447 100 22 27 21 17 24 18 16 19 17 19 65 and over 454 394 100 33 36 13 16 22 17 17 12 15 19 1 Liquid asset data refer to holdings at time of interview early in mentary Table 9, note 2. year indicated. For types of liquid assets included, see Supple- 2 No cases reported or less than one-half of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN • JUNE 1956 SUPPLEMENTARY TABLE 11 SUPPLEMENTARY TABLE 12 DISTRIBUTION OF SELECTED LIQUID ASSETS DISTRIBUTION OF SELECTED LIQUID ASSETS BY INCOME TENTHS1 BY LIQUID ASSET TENTHS1 [Per cent] ]Per cent] Income tenth2 1956 1955 1954 1953 1952 1951 1950 Liquid asset tenth2 1956 1955 1954 1953 1952 1951 1950 Highest tenth 33 36 39 37 39 36 35 Highest tenth 66 65 64 66 65 65 64 Second 13 11 12 12 11 15 13 Second 17 18 17 17 18 17 19 Third 13 9 9 10 9 10 10 Third .. . 9 9 9 9 9 9 9 Fourth 8 8 8 5 8 6 8 Fourth 5 5 5 5 5 5 5 Fifth 6 8 7 8 7 7 8 Fifth 2 2 3 2 2 3 2 Sixth 7 6 6 6 5 6 6 Sixth 1 1 1 1 1 1 1 E S N e i i g v n h e th t n h th 5 5 6 7 6 5 5 5 5 6 5 6 6 5 5 4 6 5 4 7 5 E N Se i i g v n h e th t n h th . ( ( 3 3 0 ) ) (3 0 ) 0 1 0 (3 0 0 ) 0 0 Lowest tenth 4 4 4 5 5 5 4 Lowest tenth 0 0 0 0 0 0 0 All cases 100 100 100 100 100 100 100 All cases 100 100 100 100 100 100 100 1 As of Jan. 1, 1952 and at time of interview early in other years. 1 As of Jan. 1, 1952 and at time of interview early in other years. For types of liquid assets included, see Supplementary Table 9, For types of liquid assets included, see Supplementary Table 9, note 2. note 2. 2 Tenths were obtained by ranking spending units according to 2 Tenths were obtained by ranking spending units according to money income before taxes in preceding year. size of liquid asset holdings at time of interview. 3 Less than one-half of 1 per cent. SUPPLEMENTARY TABLE 13 HOLDINGS OF SAVINGS ACCOUNTS AND SAVINGS AND LOAN AND CREDIT UNION SHARES [Percentage distribution of spending units] Savings accounts Postal savings Shares in savings and Shares in in banks accounts loan associations credit unions Amount 1956 1955 1956 1955 1956 1955 1956 1955 Zero 62 60 (9i8 98 92 93 94 93 $l-$499 17 17 i 1 3 2 4 6 $500-51,999 12 12 0) 2 2 2 1 $2 000 and over 9 10 3 3 0) 0) Amount not ascertained 0) 1 0) 0) 0) 0) 0) 0) All cases 100 100 100 100 100 100 100 100 Number of cases . . 3,014 3,119 3,014 3,119 3,014 3,119 3,014 3,119 1 No cases reported or less than one-half of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Credit Lines and Minimum Balance Requirements MANY MEMBER BANKS do a substantial banks) also required that minimum deposit part of their business lending to borrowers balances be maintained by business borrowwho have prearranged lines of credit. A ers. Practically all large banks but very number of these banks also require their few of the smallest size engage in these lendbusiness borrowers to maintain compensa- ing practices. While the borrowers to whom tory or minimum deposit balances. Some such policies apply varied considerably, geninformation on these practices and policies erally speaking they were the larger cushas become available for the first time tomers of the bank. The type of business through the Survey of Member Bank Loans most frequently mentioned in connection for Commercial and Industrial Purposes, with both policies was sales finance comconducted by the Federal Reserve System as panies, which was also the only business of October 5, 1955. All 2,000 participat- group for which special minimum deposit ing member banks were asked to indicate balance requirements were stated. An imwhether they extended lines of credit or portant qualification to these findings is that gave firm commitments to advance funds to they relate to a single date. Practices with businesses or had minimum deposit require- regard to credit lines and minimum balances ments for business borrowers. Where such are known to change over time and to be repractices were followed, an explanation of lated to competitive conditions and the genthe bank's policy was requested. The usable eral availability of funds for bank lending. information both of a qualitative and a quantitative nature was tabulated for the sample CREDIT LINES banks, which included all member banks A credit line is generally an informal underwith deposits of $50 million and over and standing between the borrower and the bank a declining proportion of each smaller size as to the maximum amount of credit which class. the bank will provide the borrower at any Tabulation of the replies showed that one time. Ordinarily, the arrangement does somewhat more than half of the banks in not constitute a binding contract, and the the sample extended lines of credit in the lending bank can cancel the line because fall of 1955. One-half of these banks (or of a change in the borrower's position or for about one-fourth of the entire sample of other reasons. Most banks endeavor to honor these lines except under unusual cir- NOTE.—This is the second in a series of articles cumstances. presenting the results of the Survey of Bank Loans The term "credit line," however, is often for Commercial and Industrial Purposes outstanding on October 5, 1955 conducted by the Federal Re- rather loosely used and appears to cover, serve System. This article was prepared by Caroline in addition to the informal understanding H. Cagle of the Banking Section of the Board's Division of Research and Statistics. discussed above, a firm commitment to make 573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN • JUNE 1956 an advance to a customer. A firm commit- trict and size of bank, is shown in Table 1. ment is generally a binding legal agreement Considerable variation in credit line pracbetween the borrower and lender in which tice was found among Federal Reserve disthe terms and conditions for the extension tricts. Credit lines were available at more and cancellation of the credit are defined than two-thirds of the banks in the sample and for which the bank usually charges a in the Richmond and Boston Districts, fee. Only a few banks reporting in the whereas such accommodations were avail- Survey made a clear distinction between able at approximately one-third of the banks credit lines and firm commitments and pro- in the St. Louis and Dallas Districts. These vided information on their practices on firm variations reflect in part differences in the commitments. The discussion which fol- proportion of small- and medium-size banks lows relates principally to credit lines. in the various district samples, as well as Banks extending credit lines. Fifty-six per differences among the districts in the degree cent of the banks in the sample reported of bank competition, established patterns of that they extended lines of credit. The pro- customer relations, and other special feaportion varied directly with size of bank, tures of the bank lending process. ranging from nearly all banks with deposits Some of the variations in the proportion of $100 million and over to fewer than two- of banks extending credit lines by size of fifths of the banks with deposits of less than bank and by geographic area may also re- $20 million. The proportion of banks grant- flect differences in size and credit standing ing lines of credit, by Federal Reserve dis- of the borrowers as well as in their lines of business. Many banks indicated that they extended such accommodations for the most TABLE 1 part to their larger borrowers and to old, BANKS EXTENDING CREDIT LINES TO BUSINESS well-established firms. Also, such lines gen- BORROWERS BY FEDERAL RESERVE DISTRICT AND SIZE OF BANK1 erally were for companies with high credit standing and those engaged in lines of busi- [Number, as a percentage of all sample banks within groups] ness where repayment of the indebtedness Size of bank (total deposits, in millions of dollars) within a year was reasonably assured. Since District Total the customers of small banks are predomi- Un 2 d 0 er 20-50 50-100 o a 1 v n 0 e d 0 r nantly small enterprises, whose credit relationships with their banks are typically Boston 68 55 83 82 100 close and continuing, a smaller proportion New York 65 51 81 90 95 Philadelphia... 53 39 90 100 100 of banks extending credit lines would be Cleveland 58 46 70 81 94 Richmond 73 54 80 100 100 Atlanta 60 46 67 80 95 expected in the smaller size classes. Chicago 63 41 66 89 100 St. Louis 39 19 85 92 88 Bank procedures. Lines of credit were Minneapolis... 45 36 82 100 100 Kansas City... 43 19 73 80 100 most commonly established at the initiative Dallas 36 19 50 67 100 San Francisco. 65 29 64 100 100 of the borrower. At large banks, however, All districts. 56 38 72 86 98 there was a tendency for lines to be set up 1 Includes banks making firm commitments. for all business borrowers as guides for lend- NOTE.—Care should be taken to avoid interpreting the figure for the total as applying to all member banks. Because of variations ing officers, but not every borrower was inamong Federal Reserve districts in the proportion of banks in the sample with deposits under $50 million, the percentage of all member formed of the line and its amount. Small banks in each district extending credit lines may vary from that shown here. All member banks with deposits of $50 million and banks, on the other hand, generally estabover were included in the sample. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT LINES AND MINIMUM BALANCE REQUIREMENTS 575 lished a credit line only at the request of the rower, limitations associated with general borrower, although some banks set up lines business and credit conditions, and the legal on their own initiative for major borrowers. limitation on loans to one customer (gen- At a few banks, lines were established for erally 10 per cent of capital and surplus). some nonborrowers for purposes of solicit- Respondents were most concerned with ing new business. evaluation of the creditworthiness of the Credit lines at most banks were estab- borrower and these comments were usually lished by the Board of Directors or a bank quite general. They indicated that the size committee, usually composed of certain offi- of the credit line was determined by an evalcers and directors. At small banks the Board uation of basic relationships and trends reof Directors generally was responsible; at flected in the borrower's balance sheet and larger banks the responsibility usually fell operating figures, the borrower's capacity on an officer, a committee, or a combination and progress of the business, the integrity of the Board of Directors and a committee. and experience of the management, general A few respondents stated that the responsi- economic factors, and in the case of secured bility varied with the size of the line: for lines, the market value of the collateral. A small lines an officer or a committee assumed few replies stated that the amount of the line responsibility; for larger lines a committee, was determined as a specified percentage the Board of Directors, or both. of the net worth of the borrower. Borrower characteristics. The types of bor- Duration of line and pay-off requirements. rowers extended credit lines varied from Virtually all banks commenting indicated bank to bank and by area. Lines were most that the usual duration of credit lines was commonly associated with borrowing for one year or less. The prevailing practice seasonal and recurring requirements and was to review credit lines at least once a with certain types of lending operations, such year, but some banks reviewed the boras revolving credit and floor-plan financing, rower's position each time he presented an inventory and equipment financing, and con- application for credit. struction activity. Sales finance companies, Banks commonly require periodic payalone or in combination with other types of offs of borrowing under lines of credit. businesses, were most often extended such Nearly all of the banks commenting on this accommodations. Other businesses specif- point indicated that pay-offs were required ically named by a number of respondents annually or more frequently; a few required included manufacturing and mining com- substantial reductions periodically or a defipanies, commodity dealers, and trade and nite repayment schedule. Some banks stated construction firms. Reflecting the general that they also required the borrower to be character of their borrowers and the special out of debt for one month or more each experience of their lending personnel, some year, in a few cases without borrowing from banks specialized in credit lines to particular another bank during this period. business groups. Size of credit lines. Three types of limita- MINIMUM BALANCE REQUIREMENTS tions generally governed the size of credit Minimum deposit balances bearing some relines extended. These included limitations lation to the amount borrowed or the maxiarising out of the creditworthiness of the bor- mum line of credit are often required or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN • JUNE 1956 expected of customers borrowing for busi- TABLE 2 ness purposes. One of the purposes of such BANKS WITH MINIMUM BALANCE REQUIREMENTS BY requirements is to promote a closer bank- FEDERAL RESERVE DISTRICT AND SIZE OF BANK customer relationship, thereby discouraging [Number, as a percentage of all sample banks within groups] borrowing from more than one source and Size of bank (total deposits, in encouraging the concentration in the lending millions of dollars) District Total bank of the deposit balances of affiliated Under 100- 500 interests. Minimum balance requirements 20 20-50 50-100 500 o a v n e d r also limit deposit fluctuations and increase Boston 22 7 28 36 100 100 the earnings of the bank, if the customer New York 25 5 19 74 93 91 Philadelphia 12 0 35 40 67 100 would not normally maintain his deposit Cleveland 18 3 26 50 77 75 Richmond....... 36 10 40 54 100 balance at the level required, and are there- Atlanta 24 7 33 40 70 Chicago 34 5 39 57 84 100 fore equivalent to an interest rate adjust- S M t. i n L n o e u a is polis.... 2 9 2 4 3 4 2 0 4 4 8 0 3 1 8 0 3 0 100 Kansas City. . . . 25 6 40 70 85 ment. A number of banks which had no Dallas 19 4 34 39 75 "ioo" San Francisco... 33 6 0 25 71 requirements indicated that they take the 89 All districts. 23 5 32 54 83 customer's usual deposit balance into ac- 93 count in setting interest rates on loans. NOTE.—Care should be taken to avoid interpreting the figures for the total as applying to all member banks. Because of variations The application of minimum balance re- among Federal Reserve districts in the proportion of banks in the sample with deposits under $50 million, the percentage of all member quirements varied from bank to bank. Some banks in each district with minimum balance requirements may vary from that shown here. All member banks with deposits of $50 million and over were included in the sample. banks established these requirements for most business borrowers while others used for the limited use of such requirements at them for a particular class of borrower. small banks whose customers are mostly Some customers were expected to observe small to medium size. the minimum without fail, while require- As in the case of credit lines, interdistrict ments were more flexibly enforced for other variations appear to be substantial, particutypes of borrower. Moreover, the required larly among smaller banks. The differences level of compensating balances may vary for banks with deposits under $50 million depending upon general credit conditions. largely reflect differences in the proportion Banks requiring minimum balances. Apof small banks in the sample, although some proximately one in every four sample banks regional variation among banks of comhad minimum balance requirements for parable size would be attributable to other some business borrowers on October 5, causes. 1955. A number of the respondents having Minimum balance requirements are reno requirements indicated that their use was lated to the extension of credit lines. Among under consideration. The proportion of the banks in the sample with minimum balbanks with such requirements varied with ance requirements only 4 per cent did not the size of bank and included over 90 per extend lines of credit. Districts in which a cent of banks with deposits of $500 million large proportion of banks extended credit and over, as shown in Table 2. For banks lines also tended to show a large proportion in the smallest size class, this proportion was of banks with minimum balance requireonly 5 per cent. Many banks indicated ments. that such requirements are not feasible for Sales finance companies. Sales finance comsmall borrowers. This attitude may account panies were the only business group to which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT LINES AND MINIMUM BALANCE REQUIREMENTS 577 TABLE 3 Minimum balance requirements showed BANKS WITH MINIMUM BALANCE REQUIREMENTS FOR some uniformity as to level but there was SPECIFIED TYPES OF BORROWERS some variation as to the base to which they [Percentage distribution of banks within size groups] applied. Many banks related these requirements to the amount of the credit line Banks with requirements for: Size of bank (total whether or not in use, others to the amount d li e o p n o s s o it f s , d i o n l l m ar i s l ) - ba A n l k l s bo t r y r A o o p l f w e l s ers co f m i S n o a p a n l n a l e y n c s e ies S c b a s a o e l o n e m p r d s a r p o f r o i a a w n t n t h a e e i e n l e r y r s c s e o n f e ar b l o y r ro al w l in b g a , n k a s n d i nc s l o u m de e d to i nf b o o r t m h. a 1 t ion S in o c n e the minimum requirement when a loan is All banks 100 59 28 13 outstanding, the figures used in the tables Under 20 100 70 24 6 are the requirements during the period of 20-50 100 67 23 10 50-100 100 56 33 11 100-250 100 55 30 15 borrowing. 250-500 100 44 41 15 500 and over 100 57 16 27 In more than half of the banks with specific requirements for sales finance companies, the requirement fell between 11 and special minimum balance requirements were 15 per cent of the amount of the loan, or applied by the banks in the sample. These of the credit line when borrowing, and in companies frequently operate in a number about one-third of the banks the requireof adjacent communities, some of them over ment was between 16 and 20 per cent, as a wide region, and a few nationally. They shown in Table 4. Thus, for more than are large users of bank credit and typically four-fifths of the banks, requirements varied maintain borrowing relationships with a from 11 to 20 per cent. About 1 per cent number of banks, the number depending on of all the banks had a requirement higher the size and geographic scale of their operations. Because their credit record over a TABLE 4 long period of years has been exceptional, MINIMUM BALANCE REQUIREMENTS FOR SALES they appear from Survey results to be able FINANCE COMPANIES to borrow advantageously, compared with [Percentage distribution of b<inks within size groups] other business customers of banks, in terms Requirement (percentage of loan, or of minimum balance requirements. of credit line when borrowing) Size of bank (total All mu A m b o b u a t la 5 n 9 c p e e r r e ce q n u t i r o e f m t e h n e t b s an g k a s v e w i r th e q m ui i r n e i - - depos o i f t s d , o in ll a m rs i ) llions banks l o e 1 s r 0 s I I I S - 1 2 6 0 - O 2 v 0 er t a a N s i c n o e e t r d ments applicable to business borrowers gen- Under 20 100 7 60 13 7 13 erally without designation as to type, 28 per 20-50 100 5 71 19 5 50 100 100 13 59 20 8 cent stated that these requirements applied 100-250 100 49 34 17 250 500 100 4 46 46 4 only to sales finance companies, and 13 per 500 and over 100 25 62 13 cent gave separate requirements for finance All banks 100 5 54 30 1 10 companies and for other types of borrowers, as shown in Table 3. In general, there was 1When the minimum deposit requirement applied no marked variation in this respect by size to amount of borrowing the replies did not always make it clear whether the percentage was applied to of bank, although the banks showing the average borrowing, original amount of loan, or some least tendency to have requirements appli- other measure. A few banks commented on the cable to sales finance companies only were form which the minimum balance requirement may take. It appears the balance can consist of the borthose in the largest size class. rower's own funds or funds of affiliated interests. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL RESERVE BULLETIN • JUNE 1956 than 20 per cent and about 10 per cent in the eastern portion. In the West (comgave no figures concerning their practice. prising the Federal Reserve Districts of The most common requirement for finance Chicago, St. Louis, Minneapolis, Kansas companies was 10 per cent of the credit line City, Dallas, and San Francisco) threewhen not borrowing and 20 per cent when fourths of the banks with special minimum borrowing, or an average of 15 per cent of balance requirements for sales finance comthe credit line at all times. panies had requirements of 15 per cent or Large banks tended to have higher re- under, whereas in the East the proportion quirements than small ones. In the largest of banks with requirements as low as this size class more than three-fifths of the banks was about two-fifths, as shown in Table 5. had requirements ranging from 16 to 20 per Moreover, even among banks of the same cent. The proportion with requirements as size, requirements tended to be lower in the high as this declined as the the size of bank West than in the East. declined. About one-fifth of banks with Other borrowers. Minimum balance redeposits under $20 million had requirements quirements for borrowers other than sales as high as 16 per cent. finance companies were used extensively Requirements tended to be considerably throughout the country on October 5, 1955, lower in the western part of the country than but it appears they were less well standardized and less rigidly enforced than in the TABLE 5 case of sales finance companies. REGIONAL COMPARISON OF SPECIAL MINIMUM Borrowers other than sales finance com- BALANCE REQUIREMENTS FOR SALES panies were not well defined by the respond- FINANCE COMPANIES ents. Among the few banks which men- [Percentage distribution of banks within groups] tioned specific borrower classes, references Requirement (percentage of loan, were made to the larger customers of the or of credit line when borrowing) All bank, to companies operating outside the Region 1 banks 15 Over Not trade area of the lending bank or on a naor less 15 ascertained tional scale, and to business borrowers gen- All sample banks with requirements for erally. Some banks implied that a required sales finance companies depositary relationship is used principally East 100 41 49 10 West 100 75 16 9 for unsecured loans, although some continuing depositary relationship is sought Banks with deposits of $100 million and over even for borrowers with secured loans. A East 100 39 53 8 few banks indicated that a prescribed de- West 100 53 29 18 positary relationship is not practical for Banks with deposits of $50-$ 100 million small and new businesses. East 100 50 39 11 Of the banks with minimum balance re- West 100 90 5 5 quirements applicable to all types of bor- Banks with deposits under $50 million rowers and with separate requirements for borrowers other than sales finance com- East . . .. 100 36 50 14 West 100 86 9 5 panies, about two-fifths had requirements i The East is composed of the Federal Reserve Districts of Boston, of 16 to 20 per cent of the loan, or the New York, Philadelphia, Cleveland, Richmond, and Atlanta; the West, the Federal Reserve Districts of Chicago, St. Louis, Minnea- credit line when borrowing; somewhat more polis, Kansas City, Dallas, and San Francisco. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CREDIT LINES AND MINIMUM BALANCE REQUIREMENTS 579 TABLE 6 the country, where less than three-tenths of the banks had requirements as low as this, MINIMUM BALANCE REQUIREMENTS FOR BUSINESS BORROWERS IN GENERAL1 as shown in Table 7. Even among banks of [Percentage distribution of banks within size groups] the same size some differences in requirements between the West and the East were Requirement (percentage of loan, or of credit line when borrowing) apparent. Size of bank (total deposits, in millions All of dollars) banks le o 1 s r 0 s Vf 1 2 6 0 - O 2 v 0 er t a a N s i c n o e e t r d - TABLE 7 Under 20 100 13 18 26 43 REGIONAL COMPARISON OF MINIMUM BALANCE 20-50 100 7 39 29 25 50-100 100 15 29 51 5 REQUIREMENTS FOR BUSINESS BORROWERS 100-250 100 9 22 53 16 IN GENERAL1 250-500 100 4 18 44 4 30 500 and over 100 10 10 67 13 [Percentage distribution of banks within groups] All banks 100 10 26 43 21 Requirement (percentage of loan, or of credit line when borrowing) 1 This table includes banks that have a single requirement for all Region2 All t q y u p i 2 e r e s L m e o s e f s n b t t h s u a s f n i o n r e . 5 s b s o o r f b r o o 1 r w r p o e e w r r s e c r o e s t n h t a s . s r w th e a l n l a s s a l b e a s n f k in s a n th c a e t c h o a m ve p a s n e i p e a s. rate re- banks or 1 le 5 ss O 1 v 5 er asce N rt o a t ined than one-fourth had requirements of 11 to All sample banks with requirements for business borrowers in general 15 per cent; and one-tenth had 10 per cent or less, as shown in Table 6. The require- East 100 29 52 19 West 100 44 33 23 ments tended to vary with the size of bank. About two-thirds of the largest banks had Banks with deposits of $100 million and over requirements as high as 16 per cent, while East 100 19 68 13 the proportion with requirements as high as West 100 34 42 24 this dropped to about one-fourth for banks Banks with deposits of $50-$ 100 million with deposits of less than $20 million. East 100 41 55 4 Differences between broad geographic West 100 47 47 6 areas in the size of minimum balance re- Banks with deposits under $50 million quirements were also evident. As in the East 100 32 37 31 case of sales finance companies, require- West 100 52 18 30 ments for other borrowers appeared to be 1 This table includes banks that have a single requirement for all lower in the West, where more than two- types of business borrowers as well as banks that have separate requirements for borrowers other than sales finance companies. fifths of the banks had requirements of 15 2 The East is composed of the Federal Reserve Districts of Boston, New York, Philadelphia, Cleveland, Richmond, and Atlanta; the per cent or less, than in the eastern part of p W ol e i s s t , , K th a e n s F a e s d C er i a ty l , R D e a s l e l r a v s e , a D n i d s t S ri a c n ts F o ra f n C ci h s i c c o ago, St. Louis, Minnea- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financing of Large Corporations, 1951-55 A LARGE INCREASE in funds from opera- contributing to the changes in liquidity of tions and from external financing more than large corporations during the period since matched the increase in capital outlays of 1950 are discussed in later sections of this large corporations in 1955, and their liquid article. asset holdings rose. Companies in the Fed- FINANCLNG IN 1955 eral Reserve sample added $3.1 billion to their holdings of United States Government Large corporations continued to spend heavsecurities, a record amount, and added ily for plant and equipment in 1955, and slightly to their cash balances.1 working assets such as inventories and ac- This rise in liquid asset holdings slightly counts receivable absorbed a much greater exceeded the increase in tax and other short- volume of funds than in 1954. Increased term liabilities owed by large corporations expenditures for plant and equipment were as a group. As a result, liquidity, measured reported in almost all industry groups. One by the ratio of liquid assets to current liabili- of the largest increases was in the commuties, continued to rise. The ratio at the end nications industry, where capital outlays exof 1955, however, was below the levels pre- ceeded $1.6 billion, one-sixth more than in vailing prior to 1951. Liquidity declined 1954. Reduced expenditures were reported sharply in 1951 and 1952, owing to the in only three industries—automobiles, food, financing requirements associated with the and electric power. industrial mobilization program undertaken Inventories held by large companies inafter the outbreak of Korean hostilities. The creased in 1955, in contrast with liquidation decline was halted in 1953, and there was of stocks in the preceding year. The rise in some recovery in the next two years. Factors inventories was moderate in light of the increase in sales, but the expansion in notes NOTE.—This article was prepared by Robert R. and accounts receivable was the second Moss of the Business Finance and Capital Markets Section of the Board's Division of Research and largest in the postwar period. Statistics. Net from operations—that is, retained xThe sample of large corporations for which the earnings and depreciation allowances—in- Board of Governors regularly compiles financial data includes 198 companies in 10 manufacturing indus- creased from the high levels of 1954 in tries, 41 in retail trade, 20 railroads, 35 electric utilievery manufacturing and nonmanufacturties, and one communications company. The previous total number of 300 corporations has been reduced ing industry except "other transportation to 295 by mergers. Composite balance sheet, selected equipment." Greatest gains were in the autoincome statement, and sources and uses of funds data for large corporations have been compiled for each mobile and nonferrous metal industries, and year since 1939. Data are available upon request to increases were also large for iron and steel the Board's Division of Research and Statistics. Previous articles discussing financial developments for companies. Reflecting the rise in profits, this group have appeared in the Federal Reserve large corporations had temporary use of BULLETIN in June 1949, June 1950, August 1951, June 1952, July 1953, August 1954, and June 1955. considerable amounts set aside for future 580 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS, 1951-55 581 tax payments. These funds were espe- CHANGE IN LIQUID ASSET HOLDINGS, 1955 cially important in the automobile, iron PERCENTAGE INCREASE and steel, nonferrous metal, and chemical AUTOMOBILES industries. Expansion of trade debt also IRON AND STEEL provided large corporations with substantial COMMUNICATIONS sums. NONFERROUS METALS RAILROADS External financing from banks and secu- ELECTRIC UTILITIES rity markets was half again as large last year CHEMICALS as in 1954. Net new security issues were RUBBER at about the same large volume in both of PETROLEUM the years, but large companies were net PERCENTAGE DECREASE borrowers from banks in 1955 whereas in EFOOD the preceding year they made substantial BTOBACCO net repayments of bank debt. The increase BBSRETAIL TRADE in bank loans was moderate for the com- gsaga MACHINERY panies included in this tabulation. It should , i OTHE i R TRA 1 NS. E i QUIP. 1 i l .i be noted that a substantial part of the record -20 20 40 60 80 increase in total bank loans to business last NOTE.—Chart shows changes in liquid assets holdings during 1955 expressed as percentages of holdings at the beginning of the year. year represented lending to sales finance companies, which are not included in the ferrous metal, and communications indus- Federal Reserve sample, and to trade contries, as is shown in the chart. cerns, which cannot be adequately repre- Liquidity, as measured by the ratio of sented in a sample of large corporations. cash and Government securities to current Common stock continued to be the most liabilities, also rose in these industries.2 The important external source of funds for large increase in liquidity was more moderate for corporations in 1955, and proceeds were railroads and electric power companies, and one-fourth larger than in 1954. Automoliquidity declined somewhat in seven of the bile and petroleum companies were the ten manufacturing industries in the sample. principal issuers; there was some decline in For most industrial groups, liquidity ratios capital obtained from common stock by at the end of 1955 were lower than in the communications and electric power comyears immediately preceding the Korean panies. Net retirement of preferred stock War. was substantial. Issuance of long-term debt securities remained close to the moderate LIQUIDITY IN MANUFACTURING, 1951-55 volume of 1954. The initial impact of the industrial mobiliza- With external financing and funds from tion program on large manufacturing corpooperations rising rapidly, and increases in rations was evidenced in the expansion of accrued taxes providing additional tempooutlays for fixed and working capital in rary financing, large corporations as a group added substantially to liquid asset holdings, 2 Changes in other commonly accepted measures of mainly United States Government securities. liquidity, such as the ratio of current assets to current Largest additions were recorded for com- liabilities or liquid assets to sales, have been similar to changes in the liquid assets-current liabilities ratio panies in the automobile, iron and steel, nonin the period 1951-55. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN • JUNE 1956 1951, and in the rise in their sales and CONDENSED SOURCES AND USES OF FUNDS FOR 198 LARGE MANUFACTURING CORPORATIONS, 1950-55 profits before taxes. The increase in profits [In millions of dollars] was more than offset by rising taxes under the higher normal income tax rates and the Account i 1950 1951 1952 1953 1954 1955 excess profits tax imposed to finance the Outlays for fixed and defense program, and funds retained from working assets 5,340 9,125 7,681 7,338 6,332 9,024 Plant and equipoperations declined slightly. However, funds Ot m he e r n t working 3,735 5,654 6,733 6,780 6,853 7,051 assets, net2. . . 1,605 3,471 948 558 -521 1,973 laid aside for taxes provided a substantial Funds from operavolume of temporary financing.3 In addition, tions and tax accruals 7,922 7,426 4,258 7,582 5,72210,573 as the accompanying table shows, large Net from operations 5,573 5,479 5,432 6,731 7,136 9,078 manufacturing corporations borrowed heav- Increase in accrued Federal ily from banks and in the security markets. taxes 2,349 1,947 -1,174 851 -1,414 1,495 External financing -226 1,920 2,697 486 535 1,087 Though liquid assets rose moderately, the Net new security issues3 -122 1,144 2,066 893 1,298 1,012 rapid rise in short-term indebtedness (in- Bank loans -104 775 631 -407 -763 76 cluding the large tax liabilities) resulted in a Increase in liquid assets* 2,356 221 -725 730 -75 2,636 sharp decline in the liquidity ratio. Net from operations was maintained in 1 Data for these accounts are derived from the more detailed tables given at the end of this article and from similar tables for other years published with previous articles. 1952, as a decline in profits for large manu- 2 Consolidation of the following items in the detailed table on p. 588: Inventories; receivables minus trade payables; and other uses facturing corporations was accompanied by and other assets minus current liabilities and other sources. 3 Consolidation of the following three items from the detailed the continued rise in accelerated amortiza- table: Mortgages, bonds, other liabilities; preferred stock; and common stock. tion of defense facilities and in regular de- 4 Liquid assets comprise the two items cash and Government securities treated as uses of funds in the detailed table. preciation accruals. Reduced profits, how- NOTE.—Details may not add to totals because of rounding. ever, led to a substantial decline in accrued substantial rise in funds retained from opertax liabilities, which absorbed rather than ations and tax accruals, and a slight further provided funds in 1952. Although total decline in fixed and working capital outlays. outlays for fixed and working assets were Plant and equipment expenditures remained lower than in 1951, the sum of funds availat 1952 levels, but outlays for working able from operations and from tax accruals assets declined as in the previous year. The declined even more, and large manufacturcloser balance between outlays and funds ing corporations as a group resorted to exfrom operations, along with a reduced but tensive external financing. These companies nevertheless substantial volume of security also drew heavily upon their liquid asset offerings, enabled these corporations to reholdings, and the liquidity ratio declined pay bank loans and trade debt and also to somewhat further. accumulate liquid assets. In 1953 the decline in liquidity of large The year 1954 marked a transition from manufacturing corporations as a group apthe high levels of production primarily assopears to have halted, largely as a result of a ciated with the defense build-up to the re- 3 An increase in accrued tax liabilities represents vival of demand from the private sector of a temporary source of funds since payments of the the economy in 1955. Despite reduced sales, liabilities accrued on current year's profits are not due funds retained from operations increased until the following year. A decrease in accrued tax liabilities absorbs funds since it results from an excess slightly in 1954, reflecting in part the terof payments on previous year's profits over accruals mination of the excess profits tax and in part on current profits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS, 1951-55 583 a continuing rise in depreciation allowances. it was below the levels prevailing prior to the A slight increase in capital outlays was more Korean War. than offset by a shift to liquidation of inven- The impact of the industrial mobilization tories and receivables in connection with program differed widely among manufacdeclining sales and production. Funds from turing industries, and there have been operations were larger than total expendi- marked variations in financial adjustments tures for fixed and working capital for the even among industries most directly affected. first time since 1950. The diversity of financial behavior since Although the volume of internal funds 1950 is illustrated by three major industrial available increased in 1954, large manu- groups—automobiles, iron and steel, and facturing corporations as a group obtained petroleum. substantial amounts through new security Automobile companies. One of the most issues. Increases in repayment of bank debt striking changes in the relation between by some companies offset much of the rise capital outlays and funds retained from in funds obtained from capital markets by operations occurred in the automobile inothers, however, and on balance net ex- dustry. In the postwar years prior to Korea, ternal financing remained at the moderate net from operations frequently exceeded outlevels of the previous year. Tax liabilities lays by a wide margin and liquid asset acdeclined sharply, reflecting the reduction in cumulation was large. For the two years profits and removal of the excess profits tax. 1951 and 1952, however, fixed and working Other current liabilities also declined sub- capital expenditures were almost 75 per cent stantially. With liquid asset holdings rela- larger than funds retained from operations. tively unchanged, the liquidity ratio for large In order to finance this gap between outlays manufacturing corporations rose somewhat. and net from operations, large automobile Profits of these companies reached record companies drew heavily on their liquid asset levels in 1955, and the rise in tax accruals holdings and their liquidity ratio declined to supplied a large volume of funds, in con- a level about half that at the end of 1950. trast with the net absorption of funds the With the lifting of restrictions on automoprevious year when payments had exceeded bile production in 1953, sales and funds accruals. External financing also increased. from operations increased considerably and Expenditures for plant, equipment, and the decline in liquidity was arrested. Capital working assets rose, but an even larger rise outlays expanded during 1954 in connection in the sum of funds from operations and tax with extensive model changes. In contrast accruals permitted liquid asset holdings in with the earlier dependence on internal the manufacturing sample to increase by sources to finance almost all outlays, auto- $2.6 billion, the largest increase ever re- mobile companies engaged in a substantial corded for this group. The liquidity ratio amount of external financing in 1954. This rose only slightly since large increases in external financing was supplemented by accrued tax liabilities and trade debt almost some reduction in liquid asset holdings. matched the rise in liquid asset holdings. Nevertheless, the liquidity ratio increased Although the liquidity ratio for large manu- since current liabilities fell more than liquid facturing corporations as a group was one- asset holdings. Much of the decline in curfifth above the low levels of 1952 and 1953, rent liabilities reflected reductions in accrued Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN • JUNE 1956 tax liabilities resulting from lower earnings increased to new high levels, and liquid asset and the removal of the excess profits tax. accumulation was considerable. A pro- Total investment outlays increased in nounced rise in accrued tax liabilities more 1955 as a tapering off in plant and equip- than offset the liquid asset increase and ment expenditures was more than offset by a led to a slight further reduction in the resumption of inventory accumulation. Sales liquidity ratio in that year. Liquidity recovand funds from operations surpassed all ered sharply in 1954 as the tax rate changes previous marks and liquid asset holdings noted earlier reduced accrued tax liabilities increased in record amount. The liquidity and helped maintain net from operations at ratio increased sharply and at year-end was 1953 levels. In contrast with developments back to the 1951 level, as the table shows, in the automobile industry, capital outlays though still somewhat below pre-Korean of large iron and steel producers declined levels. to levels well below funds from operations, the industry was able to add moderately to LIQUIDITY RATIOS FOR LARGE MANUFACTURING liquid assets, and the net volume of external CORPORATIONS IN SELECTED INDUSTRIES, 1950-551 financing was small. Total Last year the volume of sales and funds manufac- Auto- Iron and Petroleum Year-end turing mobile steel (23 corps.) from operations reached new highs and, (198 corps.) (9 corps.) (18 corps.) despite some increase in the volume of fixed 1950 .94 1.10 1.02 .85 and working capital outlays, liquid asset 1951 .72 .83 .93 .80 1952 .66 .62 .73 .85 accumulation was very large and the liquid- 1953 .66 .61 .70 .84 1954 .76 .67 .94 .81 ity ratio returned to pre-Korean levels. From 1955 .79 .82 1.10 .76 1950 through 1953, liquidity declined some- 1 Ratio of holdings of cash and Government securities to total current liabilities. what less for large iron and steel companies Iron and steel. In contrast with the financ- than for the automobile companies in the ing pattern of automobile companies, large Federal Reserve sample; since 1953, liquidiron and steel producers relied on extensive ity in the iron and steel industry has recovexternal financing as early as 1951. These ered more sharply. companies continued to accumulate a sub- Petroleum. Plant and equipment expendistantial amount of liquid assets during that tures of large petroleum companies exyear. Current liabilities showed a marked panded steadily throughout the 1951-55 rise, however, reflecting the increase in ac- period, in contrast with year-to-year fluctucrued Federal taxes, and the liquidity ratio ations in iron and steel and automobiles. declined somewhat. Liquidity fell sharply The volume of external financing by petroin 1952 as the steel strike curtailed funds leum was large only in 1952, and the averfrom operations and accrued tax liabilities age for the five years was less than two-thirds declined. Plant and equipment expenditures the average for 1946-48, the preceding were at their postwar peak in 1952 and, al- period of expanding outlays. Liquid asset though external financing remained large, accumulation was moderate in most postholdings of United States Government se- Korean years. In 1954, however, liquid curities were reduced by more than one-half. asset holdings were reduced considerably as In 1953, defense-related investment out- accrued tax liabilities declined and external lays began to decline, funds from operations financing was small. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS, 1951-55 585 During 1955, both fixed and working increased, and liquidity ratios rose. In 1954 capital expenditures and funds retained from the volume of financing was more moderate operations of large petroleum companies relative to plant and equipment expendireached their highest levels, and external tures, and liquid assets and the liquidity ratio financing increased. Liquid asset accumu- declined. Last year, however, large-scale lation was moderate, but liquidity declined external financing was resumed, liquid asset as current liabilities, particularly trade pay- accumulation was substantially greater than ables, increased. The liquidity ratio at the in previous years, and the liquidity ratio end of 1955 was somewhat below the aver- increased sharply. age for pre-Korean years. For large electric power companies, on the other hand, the liquidity ratio declined LIQUIDITY OF LARGE UTILITIES, 1951-55 considerably between 1951 and 1955. As in Liquidity trends of large railroads showed the communications industry, funds retained some resemblance to those of large manu- from operations increased from year to year facturing companies, but financial patterns but external financing was undertaken to differed markedly for other utility industries finance the bulk of capital outlays. From included in the Federal Reserve sample. In 1951 through 1953, plant and equipment the communications and electric power in- expenditures of large electric utilities as a dustries, capital outlays almost always ex- group were almost three times the volume ceed funds from operations, and in most of net from operations, and there was a slight postwar years have been more than twice reduction in liquid asset holdings over the as great. Consequently, external financing period. With accrued Federal income taxes by communications and electric power com- and other current liabilities rising, the panies has been very large, and the timing liquidity ratio declined nearly one-third beof this financing has had a significant bear- tween 1950 and 1953. In 1954 and 1955, ing on fluctuations in year-end liquidity. however, capital outlays were below the Capital outlays in the communciations peak outlays of 1953. Net from operations industry have risen in every post-Korean continued to rise, and liquid asset holdings year. With the exception of 1954, external increased. As a consequence, the liquidity financing provided more than three-fifths ratio at the end of 1955 was moderately of the funds needed, liquid asset holdings above the 1953 level. NOTE.—Composite Balance Sheet, Selected Income Statement, and Sources and Uses of Funds data for the group of large corporations discussed in this article are shown on the following pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDERAL RESERVE BULLETIN • JUNE 1956 COMPOSITE BALANCE SHEET AND INCOME STATEMENT, 1955, 1954 AND 1953 a 295 Large Corporations in Selected Industries [In millions of dollars] Manufacturing All selected industries (295 corps.) Total Food Tobacco Account (198 corps.) (30 corps.) (4 corps.) 1955 1954 1953 1955 1954 1953 1955 1954 1953 1955 1954 1953 Total assets (end of year) 140,457 128,509 124,576 82,617 74,435 72,548 4,611 4,465 4,436 2,058 2,069 2,071 Cash 7,329 7,170 6,982 5,473 5,313 5,094 436 437 429 68 69 72 Government securities 12,181 9,023 9,418 9,477 6,931 7,190 299 311 344 0 0 0 Receivables, net 12,448 10,725 10,436 9,733 8,370 8,200 601 570 561 113 107 105 Inventories 20,998 19,183 20.428 17,91616,398 17,552 1,274 1,230 1,280 1,697 1,723 1,729 Plant and equipment2 77,809 73,461 68,834 34816 ,308 1,758 1,688 1,609 147 135 126 Other assets3 9,692 8,948 8,477 5,201 4,606 4,204 243 229 214 34 34 38 Total liabilities and equity 140,457 128,509 124,576 82,617 74,435 72,548 4,611 4,465 4,436 2,058 2,069 2,071 Notes payable to banks, short-term 1,102 969 1,715 677 683 1.348 122 137 137 213 285 271 Trade notes and accounts payable.. 7,307 6,195 6,196 5,622 4,788 4,694 300 282 273 21 18 18 Accrued Fed. income taxes 8,964 7,250 8,880 6,871 5,354 6,839 328 306 380 160 146 175 Other current liabilities4 7,342 6,867 6.944 5,705 5,323 5.579 228 225 215 37 32 30 Notes payable to banks, long-term. 1,739 1,567 1,724 812 668 762 19 10 16 10 0 0 Mortgages, bonds, other liabilities 5. 28,273 26,768 25,353 9,505 9,015 7,971 577 519 527 478 503 523 Preferred stock 5,439 5,780 5,783 2,528 2,878 2,942 249 344 347 129 131 132 Common stock 30,332 28,531 26,471 15,28314,29613,208 840 806 805 415 415 415 Surplus and surplus reserves6 49,959 44,582 41,511 35,61531,430 "2,9204 1,949 1,835 1,737 595 539 507 Income statement: Sales 134,426 119028126,031103,006 90,31197,041 13,05613,121 13,134 2,733 2,663 2,805 Depreciation 7 5,847 5; 087 4.689 4,408 3,747 3,449 156 146 140 12 10 9 Profit before income taxes 8 18,052 13.691 15,120 13,770 100,14311,449 625 543 590 288 248 261 Net profit8 10,325 8,034 7,676 7,882 6,020 5,707 321 275 284 136 121 104 Dividends 5,490 4,720 4,355 3,995 3,363 3,089 184 179! 175 82 85 78 Manufacturing, cont. Rubber Petroleum Chemicals Iron and steel (4 corps.) (23 corps.) (32 corps.) (18 corps.) 1955 1954 1953 1955 1954 1953 1955 1954 1953 1955 1954 1953 Total assets (end of year) 2,609 2,262 2,262 21,85120.184 18,942 9,190 8,200 7,866 12,074 10,704 10,586 Cash 144 159 171 1,241 1,111 1,058 613 653 596 907 792 763 Government securities 218 160 232 1,116 1,135 1,313 1,356 1,038 1.175 2,046 1,200 1,032 Receivables, net 595 514 473 2,286 1,995 1,822 902 773 721 1,143 867 877 Inventories 887 760 759 2,226 2,104 2,168 1,455 1,378 1,357 2,152 1,998 2,073 Plant and equipment2 709 637 588 13,65212,65411,523 3,655 3,352 3,129 5,343 5,392 5,426 Other assets 3 57 31 38 1,330 1,184 1,060 1,209 1,007 887 483 454 416 Total liabilities and equity 2,609 2,262 2,262 21,85120 184 18,942 9,190 8,200 7,866 12,074 10,704 10,586 Notes payable to banks, short-term 11 9 8 29 58 91 15 24 23 230 Trade notes and accounts payable 192 159 131 1,542 1,360 1,275 372 302 290 841 652 695 Accrued Fed. income taxes 198 159 217 948 847 978 868 692 904 ,268 890 1,160 Other current liabilities4 198 168 168 576 518 465 304 270 274 572 547 486 Notes payable to banks, long-term 0 0 0 471 348 424 57 68 38 30 51 58 Mortgages, bonds, other liabilities 5 579 503 520 1,949 2,091 1,934 1,372 1,256 1.094 ,414 1,320 1,127 Preferred stock 71 72 130 120 196 197 458 538 513 633 665 699 Common stock 217 210 146 5,959 5,411 4,875 1,213 1,085 1,059 2,285 2,255 2,182 Surplus and surplus reserves6 1,144 982 943 10,258 9,354 8,704 4,531 3,965 3,604 5,023 4,300 3,949 Income statement: Sales 4.168 3,418 3,753 18,41316.811 16.528 8,547 7,308 7,386 13,986 11,099 13,125 Depreciation? 104 95 84 1,333 1,167 1,058 480 410 364 707 645 592 Profit before income taxes8 375 265 340 2,899 2,508 2,587 1,810 1,335 1,448 2,087 1,252 1,630 Net profits 204 148 161 2.208 1,953 1,897 999 743 644 1,062 661 709 Dividends 72 62 58 1,051 906 873 648 529 437 433 350 321 1 Data for 1954 and 1953 may differ from those published pre- 4 Includes current instalments of principal repayments on mortviously, reflecting revisions made to take account of consolidations gages and bonds, accrued interest and charges, dividends payable, and mergers with other corporations, inclusions or exclusions of operating reserves, etc. domestic and foreign subsidiaries, and changes in the classification 5 Includes pension reserves and minority interest in capital stock of accounts of the individual corporations. and surplus. 2 Net of reserve for depreciation. 6 Surplus reserves include reserves for self-insurance, contingencies, 3 Includes relatively small amounts of intangibles and current assets plant replacement, and possible future declines in value of inventories. not shown separately. For continuation of footnotes, see next page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCING OF LARGE CORPORATIONS, 1951-55 587 COMPOSITE BALANCE SHEET AND INCOME STATEMENT—Cont. 295 Large Corporations in Selected Industries [In millions of dollars] Manufacturing, cont. Account Non ( f 1 e 4 rr o c u o s r p m s.) etals Ma ( c 4 e h l 6 e i c n c t e o r r i r c y p a , s l i .) nc. A ( u 9 t o c m or o p b s. i ) le Other e ( 1 q t 8 r u a i c n p o s m r p p e o s n r . t ) tation 1955 1954 1953 1955 1954 1953 1955 1954 1953 1955 1954 1953 Total assets (end of year) 5,616 5,115 4,925 9,996 9,539 9,746 10,550 8,352 7,970 4,062 3,548 3,745 Cash 408 362 307 621 661 666 687 689 636 349 381 395 Government securities 780 591 500 1,005 1,133 1,126 2,500 1,182 1,333 157 182 136 Receivables, net 480 358 308 1,889 1,634 1,705 1.038 948 860 686 604 768 Inventories 926 875 944 2,885 2,828 3,265 2,433 1,933 2,285 1.981 1,567 1,692 Plant and equipment2 2,629 2,565 2,510 2,824 2,611 2,384 3.297 3,053 2,335 802 729 679 Other assets 3 392 364 357 772 671 599 595 547 521 87 85 75 Total liabilities and equity 5,616 5,115 4,925 9,996 9,539 9,746 10,550 8,352 7,970 4,062 3,548 3,745 Notes payable to banks, short-term 35 10 51 71 53 178 131 34 86 43 49 207 Trade notes and accounts payable 276 220 228 576 513 538 1.105 937 864 397 345 383 Accrued Fed. income taxes 458 325 398 709 666 897 1.670 1,036 1.352 264 288 379 Other current liabilities 4 161 201 145 1,310 1,496 1,734 964 767 908 1,353 1,098 1,156 Notes payable to banks, long-term 154 159 189 48 17 10 8 0 0 14 14 27 Mortgages, bonds, other liabilities5 581 592 521 1,511 1,378 1,311 758 665 221 286 187 192 Preferred stock 214 220 221 293 332 312 308 311 312 53 69 79 Common stock 1.059 1.033 1,009 2,030 1.845 1,548 818 805 111 449 430 392 Surplus and surplus reserves6 2,676 2,354 2,163 3,448 3,238 3,218 4,787 3,797 3,450 1,204 1,066 930 Income statement: Sales 5,314 4,248 4.24412,20011,44612,323 18.499 13.834 16.776 6,091 6,362 6,967 Depreciation 7 171 152 126 396 342 295 964 707 707 87 73 74 Profit before income taxes8 1,124 653 678 ,329 1,254 1,420 2.771 1.595 1,975 463 493 519 Net profit8 685 431 387 687 653 590 1.351 788 739 228 248 191 Dividends 330 248 234 405 374 354 681 526 472 109 103 85 Utilities Retail trade (41 corps.) Railroads Electric Dover mnuic (20 corps.) (35 corps.) (1 corp.) 1955 1954 1955 1954 1953 1955 1954 1953 1955 ! 1954 1953 Total assets (end of year) 6,190 5,708 5,493 19,746 19,296 19,430 17,424 16,221 15,13114,48012,85011,973 Cash 750 796 875 632 616 600 361 345 308 114 99 104 Government securities 390 455 437 850 617 702 192 131 165 1,272 888 925 Receivables, net 1,183 1,009 876 541 489 536 396 349 329 595 507 494 Inventories 2,016 1,737 1,690 441 466 570 448 447 481 176 135 134 Plant and equipment2 1.591 1,472 1,378 14.203 14,07513,953 915.754 914,628 913,59511,44510,470 9,600 Other assets 3 261 239 237 3,079 3,032 3,070 273 320 253 877 751 715 Total liabilities and equity 6,190 5,708 5,49319,746 19,296 19,430 17,424 16,221 15,13114,48012,85011,973 Notes payable to banks, short-term 125 76 120 18 0 0 10130 10115 10141 152 95 105 Trade notes and accounts payable 460 387 365 531 463 524 230 206 219 465 350 394 Accrued Fed. income taxes. 455 422 452 276 222 383 H655 H619 H621 707 634 585 Other current liabilities4 450 395 385 534 534 431 343 332 294 310 283 254 Notes payable to banks, long-term 280 237 275 586 603 645 62 60 42 0 0 0 Mortgages, bonds, other liabilities 5 436 393 281 6,022 5,976 6,063 7,898 7,351 6,821 4,412 4,033 4,217 Preferred stock 195 208 198 692 797 796 2,007 1.879 1,829 18 18 18 Common stock 903 901 893 4.286 4.265 4,266 4,157 3,866 3,583 5.703 5.203 4,520 Surplus and surplus reserves6 2,887 2,690 2,524 6,801 6,437 6,321 1,944 1,792 1,580 2,712 2,233 Income statement: Sales 14,63813,33613,297 6.739 6,274 7,160 4.747 4.322 4,117 5,297 4,785 4,417 Depreciation7 141 126 119 353 348 333 456 418 377 488 448 411 Profit before income taxes8 863 751 770 825 567 889 1,303 1,170 1,086 1,291 1,059 926 Net profit8 427 380 357 58* 404 552 766 680 593 664 550 467 Dividends 250 239 231 271 230 236 517 472 431 456 415 368 7 Includes depletion and, when reoorted, amortization of tools and NOTE.—Includes most of the largest companies in each industry dies and accelerated amortization of defense facilities. group having fiscal years that end on or around December 31 and for 8 Excludes nonrecurring charges and credits to income, tax refunds, which data are available in investment manuals and company reports payments of prior years' taxes, gains on sales of assets, and charges to stockholders. Manufacturing and trade groups include companies and credits to and from surplus reserves. with end-of-year 1955 total assets of $10 million and over: railroads, 9 Includes intangibles. companies with total assets of $272 million and over; utilities, Class i ° A small amount of short-term bank loans may be included in A and B electric companies with total assets of $110 million and over; trade notes and accounts payable, and an unknown amount of cur- communications, American Telephone and Telegraph Company and rent instalments of long-term bank loans is included in long-term bank principal subsidiaries comprising the Bill System. Details may not loans. add to totals because of rounding. 11 Includes State income and property taxes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN • JUNE 1956 COMPOSITE SOURCES AND USES OF FUNDS STATEMENT, 1955 AND 1954 295 Large Corporations in Selected Industries [In millions of dollars] Manufacturing All selected Account (2 in 95 d u c s o tr r i p e s s .) (198 T o c t o a r l ps.) (30 F c o o o r d ps.) ( T 4 o c b o a r c p c s o .) (4 R u c b o b rp e s r .) ( P 2 e 3 t r c o o le rp u s m .) ( C 3 h 2 e c m o i r c p a s l . s ) Iro s n te e a l nd (18 corps.) 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 Uses of funds 18,403 9,784 12,886 6,046 304 215 2 12 469 108 3,635 2,887 1,153 533 2,110 788 Plant and equipment expenditures 11 170 10 698 7 051 6,853 254 256 25 20 181 152 12,956 12,801 641 595 704 638 Inventories 1 707-1,242 1,425 -1,155 33 -50 -26 -6 127 4 129 -63 43 -36 145 -74 Receivables 1 645 245 1 277 126 12 9 6 78 43 293 173 110 41 275 — 12 Cash . . 127 174 120 202 -6 7 -2 -3 -13 -12 137 53 -58 36 115 29 Government securities 3,113 -406 2,517 -276 — 12 -33 0 0 58 -73 -19 -177 298 -155 846 169 Other assets 641 316 496 297 18 14 -1 26 n 139 100 112 52 24 39 Other uses2 0 0 0 0 4 12 0 1 12 0 0 0 7 0 0 0 Sources of funds 18 403 9,784 12,886 6,046 304 215 2 12 469 108 3,625 2,887 1,153 533 2,110 788 Net from operations 3 11 708 9,367 9,078 7,136 317 268 67 47 235 181 3,103 2,737 851 637 1,371 1,000 Trade payables 1,085 -6 810 82 15 8 3 34 28 182 85 58 -4 189 -43 Bank loans short-term 91 -482 — 44 -402 -16 — 1-72 14 1 1 -25 -52 -11 -14 -15 -6 Bank loans, long-term 136 -423 119 -361 5 -5 10 0 0 0 120 -57 -9 -22 -21 -207 Accrued Fed. income taxes.... 1,696 -1,514 1,495 -1,414 30 -51 14 -30 44 -50 98 -123 159 -223 378 -266 Other current liabilities . ... 500 -334 400 -393 -3 -5 2 (4) 29 2 48 38 28 -22 50 4 Mortgages, bonds, other liab.. 1,424 1,455 411 1,026 45 -7 -21 -18 78 -14 -138 110 68 104 68 225 Preferred stock — 340 -6 -339 -65 -105 -3 _2 -1 -1 -61 -70 -1 -79 26 -32 -34 Common stock 1 966 1,568 940 336 16 10 0 (4) 49 21 278 72 88 37 103 109 Other sources 5 137 158 16 100 0 0 2 0 0 5 39 77 0 13 19 5 Gross sources (uses) 18,743 14,197 13,269 10,112 446 370 126 72 483 327 3,887 3,360 1,310 1,0)8 2,178 1,430 Manufacturing, cont. Utilities Retail Account N (1 o 4 m n f e c e t o r a r r l p s o s u . s ) M (4 e 6 a l e c i c c n h t o c i r n l r i . c p e a s r l y .) , (9 m A c o u o b t r o i p l - e s.) O ( e p 1 t q h o 8 u e r i c t r p a o m t t r r i p a o e n s n n . s t ) - (41 t r c a o d r e ps.) ( R 20 a il c r o o r a p d s s .) (3 E 5 p l o e c w c o t r e r p r ic s.) C ( o 1 c m at c m i o o r u n p s n .) i- 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 1955 1954 Uses of funds 719 358 824 143 3,1761,083 561 -54 634 401 918 3201,704 1,626 2,261 1,413 Plant and equipment expenditures 262 222 614 589 1 2561,444 158 136 293 275 605 576 1 5791 5881 6431 406 Inventories 44 -68 44 -444 489 -340 397 -77 266 47 -25 -104 -1 -31 41 1 Receivables 120 51 241 — 71 73 59 68 -169 172 131 64 -50 44 25 88 13 Cash 45 55 -54 -6 -6 53 -38 -11 -36 -80 15 17 13 40 15 -5 Government securities 186 91 -131 6 1,316 -152 -25 46 -82 19 233 -84 61 -27 384 -38 Other assets 19 8 110 63 47 18 2 11 20 9 26 -35 8 8 90 36 Other uses2 .... 44 0 0 6 2 0 0 9 0 0 0 0 0 23 0 0 Sources of funds 719 358 824 143 3,1761,083 561 -54 634 401 918 320 1,704 1,626 2,261 1,413 Net from operations3 546 353 701 644 1,676 1,041 210 227 330 284 742 622 755 656 803 670 Trade payables 55 -9 60 -27 166 73 48 -31 72 21 68 -56 21 -9 115 -44 Bank loans short-term 0 — 2 14 — 129 97 -53 -17 -159 50 -45 18 0 10 -26 57 -10 Bank loans, long-term -14 -68 33 9 0 -3 -11 40 -37 -17 -42 -7 18 0 0 Accrued Fed. income taxes.... 139 -61 19 -230 634-299 -21 -82 31 -16 62 -150 634 613 74 53 Other current liabilities 25 11 -217 -260 196-140 242 -18 57 -4 4 10 13 24 26 ?9 Mortgages, bonds, other liab... -41 115 160 56 92 443 100 11 34 120 89 -96 511 589 379 -184 Preferred stock -6 -1 -21 20 -3 -1 -20 -10 -14 10 -105 1 118 48 0 0 Common stock 15 12 68 59 319 -3 5 19 14 22 20 -1 219 313 772 896 Other sources5 0 7 6 0 0 22 18 0 21 46 36 33 30 0 36 3 Gross sources (uses) 780 567 1,247 1,309 3,1862,070 686 514 766 583 1,065 938 1,712 1,719 2,261 1,694 1 Company figures which in some cases include, and in others NOTE.—Figures were derived from income data and year-to-year exclude, dry hole costs. changes in balance sheet accounts, as shown in the Composite Balance 2 Prior years' tax payments, charges resulting from devaluation of Sheet and Income Statement. Asset write-ups and write-downs, foreign currencies, and extraordinary uses of funds. stock dividends, and other nonfund bookkeeping transfers are not 3 Net profit after taxes plus current depreciation accruals and minus shown separately, but are eliminated from the income data and cash dividends paid; noncurrent and nonrecurring charges and changes in balance sheet accounts in the Sources and Uses of Funds credits to income have been eliminated from net profit. Statement. Negative figures in the Uses of Funds section represent 4 Less than $0.5 million. sources of funds, while negative figures in the Sources of Funds 5 Proceeds from sales of fixed assets and investments, tax refunds, section represent uses of funds. Gross uses include negative sources; and extraordinary sources of funds. gross sources, negative uses. Details may not add to totals because 6 Includes State income and property taxes. of rounding. 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Federal Reserve Policy Procedure MR. CHAIRMAN: development of monetary policy, however, are difficult, if not impossible, to gauge in Your letter of June 4, advising me of the the short run. Monetary policy is a fluid, time for this public hearing, and the Subnot a static, process. Each separate action committee's statement of June 7 for the is usually a supplemental or complementary press, state that you are interested at this step in development of an over-all pattern time in procedural matters surrounding the of policy. Policies are shaped from day to recent increases of the discount rate at Fedday by a connected series of separate aceral Reserve Banks, and that you wish to tions, with constant adaptations to the everleave for a later date questions as to the changing factors and forces in the vast ecomerits and wisdom of the action itself. nomic fabric of the country. Your decision not to go immediately into Therefore, it would be illogical and misthe merits or demerits of this particular acleading to lift out of context a given step tion seems to me a wise one. As you know, in the process. Debate close to the time of the Federal Reserve Act specifies a proceaction does not afford a broad enough perdure for reporting annually to the Congress, spective, particularly when judgments as to whose agent we are, on the policy actions timing or as to the economic outlook differ. of the Reserve Board and of the Federal Under circumstances of diverse trends, Open Market Committee. hesitancy and delay in taking monetary ac- A wider understanding of these procetion might result if those responsible for dures is very desirable. Accordingly, this action were expected to explain publicly statement will set forth an elementary outand defend any given step of a continuing line of organization and procedure and will or changing pattern, before the economic include a statement relative to the 108 direcindicators were so unmistakably clear as to tors of the 12 Federal Reserve Banks, who, support a unanimity of judgment. under the Federal Reserve Act, have initial responsibility for determining discount rates The annual reports to Congress required at their respective institutions.1 by law are sufficiently removed from the Discussion and full disclosure of mone- time the various actions are taken to afford tary policy and action are, of course, essen- a broader perspective as to their wisdom or tial. The effects of a given step in the lack of it. Thus, a better, calmer appraisal is probable than is apt to be the case if NOTE.—Statement of William McChesney Martin, judgments are made around the time action Jr., Chairman, Board of Governors of the Federal is taken. Reserve System, before the Subcommittee on Economic Stabilization of the Joint Committee on the A wider understanding of these proce- Economic Report, June 12, 1956. 1 Attached to this statement as presented to the Sub- dural processes which you are studying today committee on Economic Stabilization, there was a list should lead to a better public understandof Federal Reserve Bank directors and their affiliing of policy actions, what they aim to ations. 589 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL RESERVE BULLETIN • JUNE 1956 accomplish, and what they can and cannot Open market operations are best suited to do. There is, of course, no magic in Federal day-to-day adjustments, for they can be used Reserve monetary or other governmental to release or impound small or large sums measures that will assure perpetual and of reserves in accordance with current conevenly distributed economic health. Mal- ditions. In this way, what have aptly been adjustments, imbalances, excesses in some called "high powered dollars" are added to sectors and shortages in others are inevi- or taken out of the reserves of the banking table; but partial readjustments should not system. be postponed at the risk of increasing the It is most important to note here that congeneral ailments. trary to a widespread misunderstanding, the Monetary policy is a standard, though Federal Reserve System does not use the relimited, remedy for some ills. The discount serves deposited with it by the member banks rate particularly can be greatly overrated as to buy Government securities. For this pura cause or cure. Open market operations, pose the Reserve System creates money, and discount rate changes, and reserve require- additional reserves are thus put at the disment changes are the closely interrelated posal of member banks on which loans and parts of Federal Reserve monetary mech- investments can be pyramided at a ratio of anism. Confusion often arises because we about six to one. That is why the money are apt to talk about the three parts of this created to make such purchases is spoken of mechanism as if we were offered a choice as "high powered dollars." among three separate means of easing or Discount rate changes, in respect to fretightening credit. All three must operate to- quency of use, are less frequent than open gether—in a continuing pattern, the supply market sales and purchases, but more freof reserves always being basic. Open mar- quent than reserve requirement changes. ket operations and reserve requirements For example, the rates of discount were reaffect that base. Discount rates do not afvised downward twice in 1954, during a fect the volume of that base, but only the comparatively short and mild business cost of reserves. It is therefore misleading downturn, and have been revised upward to think of the three components as if they five times over the last 12 or 13 months as were alternatives to be used independently the economy rose toward its production of each other. They must be used together. capacity, and demand for credit strained The use of one component rather than the limits of supply. another at a particular moment is explained The initiative as to discount rates rests by the fact that, by its nature, each has a with the directors at each of the 12 Banks. different impact. Reserve requirements are They meet regularly, different Reserve the bluntest of the three, having the heaviest Banks having different days, in some inimpact because they directly affect all memstances, for directors' meetings; but each ber banks in varying degree and release or Bank acts every 14 days, either to reestababsorb very large sums. Changes in reserve requirements are best suited to broad basic lish or change its existing discount rate. adjustments, and the impact of such changes The action taken, whether to continue the is often modified by subsequent Federal same or to change the rates, is immediately Open Market operations. reported to the Board of Governors, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE POLICY PROCEDURE 591 acted upon at a regular or special Board cal directors for a term of five years, the meeting. selections are subject to approval by the Since System procedure is based on or- Board of Governors, a procedure that, in ganization, it seems relevant and appropri- my judgment, gives these officers a very deate to outline briefly the way in which the sirable freedom from domination by the gov- Reserve System is organized. It is essen- ernors, the directors, or by others. tially a regional system, made up of 12 Re- Similarly, the functions of the System are distributed. Thus reserve requirements are serve Banks with 24 branches, and having the sole responsibility of the Federal Reserve a total of 260 directors. The Board of Board. Open market operations are the re- Governors has responsibility for coordinatsponsibility of the Federal Open Market ing policy of the 12 Banks, and in some Committee, a statutory body consisting of instances supervises operations as well. the seven members of the Reserve Board The Federal Reserve Act spells out, in and five Reserve Bank presidents. And the detail, how the directors of the Banks and law specifies that all the presidents shall branches are to be chosen. At the head serve on the Committee at intervals. Disoffices, there are nine directors, six elected count rates are a joint responsibility of the by member banks. Three (Class A, in the Reserve Board and the Reserve Bank direclaw) are chosen from local member banks, tors. so grouped as to provide representation for These provisions have been carefully the larger, medium-sized, and smaller banks thought out in the legislative process and in each district. And the bulk of the memhave worked reasonably well in practice. I ber banks are, in fact, small businesses, endo not mean to say that the System is pergaged in serving small businesses in their fect—it is not—but I am confident that the communities. Three (Class B) are required Congress would not wish to make important to "be actively engaged in their district in changes in it without thorough study and commerce, agriculture, or some other indus- deliberation. trial pursuit." The first three may be con- Although the discount rate is fixed periodsidered as lenders, the second three may be ically by each Bank subject to the Board of looked upon as representative of borrowers. Governors' approval, in the actual granting The remaining three (Class C) are chosen of discount accommodation to individual by the Board of Governors with a view to member banks, the Federal Reserve Bank providing a still broader representation, and directors act on their own initiative and rethey cannot be bankers. Of the Class C sponsibility, free from intervention or presdirectors, the Board of Governors designates sures by the Board of Governors or by other one as the Chairman and another as the Reserve Banks. These directors are always Deputy Chairman for each Reserve Bank. in close touch with conditions in their dis- In this blending of public and private par- tricts, and the discount operations, including ticipation, the Act vests the regional Banks the rates, take account of local economic with as large a degree of autonomy as is needs and trends. At the same time, feasible in an organized System. While through the constant stream of intercomeach President and First Vice President of a munication among governors, directors, Reserve Bank is initially selected by the lo- presidents and their staffs, all who have re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN • JUNE 1956 sponsibilities in the System, are in touch to be performed, based primarily on the with and advised of the economic picture judgments of directors familiar with local nationally and the needs of the over-all conditions, and with coordination effected economy. through the Board of Governors. Through the medium of frequent meet- Finally, let me point out that discount ings of the Federal Open Market Committee rates are the interest rates paid by member —meetings are held every three weeks or banks, when they borrow from their disoftener as circumstances require—there is trict Federal Reserve Bank. It should be an interchange of economic information and emphasized that such borrowing is intended operational experience that keeps Board to meet only temporary needs of member members and the Reserve Bank presidents banks for reserve funds, and not long-term and directors informed on the course of the needs geared to the normal growth of the economy, both regional and national. economy, or to the annually recurring sea- As discount policy is closely interwoven sonal requirements of commerce, industry with open market policy, it is among the and agriculture in the 12 districts. Reserves important subjects discussed at the frequent necessary for such general and repetitive meetings of the Federal Open Market Com- purposes are predetermined as closely as mittee, and the presidents of the Reserve possible by the Federal Open Market Com- Banks generally express their individual mittee and ordinarily supplied by Federal views as to whether they feel they should Open Market operations or occasionally by recommend to their boards of directors the Board of Governors through changes in changes in discount rates. A consensus may reserve requirements. emerge from the round table discussion, but In arriving at policy decisions, great care —and this is important to bear in mind— is taken to obtain and evaluate all relevant there is no effort on the part of any mem- views, including, of course, the views of ofber of the Committee to dictate to any indi- ficials of the Government who have responvidual Reserve Bank, its president or direc- sibilities in the economic field. These contors what those rates should be. sultations frequently develop differences of That there should be differences—as evi- view. That is to be expected. Our final dedenced at the moment by different rates in cision, however, under the law, must be our two of the districts—reflects not only differ- own and represent, as closely as human relaent judgments, but also the absence of dic- tions can, our judgment on the direction tation or undue influence. This, I believe, is of action that will contribute most to the the way in which this function was expected public welfare. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Credit Extended by Banks to Real Estate Mortgage Lenders O O Credit extended to real estate mortgage lenders amounted to $967 million. This was a decrease by weekly reporting member banks as of May 16, of $99 million since February 15, but it was partly 1956 amounted to $1,349 million, $77 million offset by increases in other categories of loans to less than reported at the previous survey on Feb- real estate mortgage lenders. ruary 15. Commitments to extend additional The foregoing information was obtained by a credit to these lenders declined $15 million to special survey of all types of credit extended by $1,116 million. These are continuations of the commercial banks to real estate mortgage lenders. decreases reported for the preceding three months. Results of earlier surveys were published in the Loans to real estate mortgage lenders secured Federal Reserve BULLETIN in September and by the pledge of real estate mortgage loans December 1955 and March 1956. CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES, MAY 16, 1956 AND PRIOR DATES [In millions of dollars] Outstanding on Increase (or decrease —) Item Feb. 15 Nov. 16, Aug. 10 Aug. 11, May 16, Feb. 15, Nov. 16, Aug. 10, Aug. 11, to 1955 to to 1954 to 1956 1956 r 1955 1955 1954 r May 16, Feb. 15, Nov. 16, Aug. 10, 1956 1956' 1955 1955 r Real estate mortgage loans purchased from real estate mortgage lenders under resale agreement 276 266 404 338 55 10 -138 66 283 Insurance companies 113 116 265 235 7 - 3 -149 30 228 Mortgage companies 107 107 109 90 44 - 2 19 47 Others1 55 42 30 12 4 13 12 18 8 Loans to real estate mortgage lenders secured by the pledge of real estate mortgage loans owned by the borrowers 967 1,066 1,110 982 516 - 99 -44 128 466 Insurance companies 10 11 20 11 2 - 1 - 9 9 9 Mortgage companies 898 1,001 1,035 911 487 -103 - 34 124 424 Others1 59 54 54 59 26 5 - 5 33 Loans to real estate mortgage lenders, not secured, or secured other than by the pledge of real estate mortgage loans owned by the borrowers 106 93 107 88 37 13 - 14 19 51 Insurance companies 4 3 2 4 2 1 2 2 2 Mortgage companies 43 40 38 24 10 3 2 14 14 Others* 59 49 68 60 25 10 - 19 9 34 Total loans to real estate mortgage lenders 1,349 1,425 1,623 1,408 608 - 77 -196 215 800 Unused portions of firm commitments to purchase real estate mortgage loans from real estate mortgage lenders with or without resale agreement, or to make secured or unsecured loans to real estate mortgage lenders 1,116 1,131 1,225 1,295 - 15 - 94 - 70 Insurance companies 103 118 151 183 - 14 - 33 - 32 Mortgage companies 854 837 889 894 see 17 - 52 - 5 Others1 158 176 185 219 note - 17 - 9 - 34 r Revised. figures, except commitments. Banks reporting less than $1 million 1 Savings and loan associations, mutual savings banks, builders of loans and commitments at August 10, 1955 were not asked to report and other organizations (other than banks) that make or hold sub- in later surveys, but their August 10 figures are included in subsestantial amounts of real estate loans. quent data shown above for comparative purposes. NOTE.—Reporting banks were asked to estimate August 11, 1954 Details may not add to totals due to rounding. 593 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Current Events and Announcements FEDERAL RESERVE MEETINGS nents of the series will be revised in accordance The Federal Advisory Council held a meeting in with data available from the Census Bureau's Washington on May 20-22, 1956, and met with annual surveys of retail trade for the period 1952the Board of Governors on May 22. 55. A further revision of the statistics may be required when the data from the 1954 Census of Meetings of the Federal Open Market Com- Business become available. mittee were held in Washington on May 23 and Preliminary information indicates that the cur- June 5, 1956. rent estimates of automobile paper held by finance ELECTION OF CLASS B DIRECTOR companies will be adjusted downward by the re- The Federal Reserve Bank of Boston on May 23 vision and that estimates of other consumer goods announced the election of Mr. Milton P. Higgins, paper held by finance companies and retail stores President of Norton Company, Worcester, Massa- will be adjusted upward. The magnitude of the chusetts, as a Class B director of the Bank to adjustments cannot be determined accurately until serve for the remainder of the term expiring the revision is complete. December 31, 1956. Mr. Higgins succeeds Mr. ADMISSION OF STATE BANK TO MEMBERSHIP Harvey P. Hood, whom the Board of Governors IN THE FEDERAL RESERVE SYSTEM appointed a Class C director of the Bank. The following State bank was admitted to mem- REVISION OF CONSUMER CREDIT STATISTICS bership in the Federal Reserve System during the period April 16, 1956 to May 15, 1956: The consumer credit statistics maintained by the Federal Reserve Board are based on sample in- Michigan formation that is checked and adjusted periodi- Detroit The Michigan Bank cally by more comprehensive census or survey data. A revision of the consumer credit statistics TABLES PUBLISHED ANNUALLY AND SEMIANNUALLY that would incorporate any adjustments indicated Latest BULLETIN Reference by the comprehensive survey of finance companies conducted by the Board in 1955, the 1954 Census Semiannually Issue Page Banking offices: of Business, and recent call report information Analysis of changes in number of Feb. 1956 180 for commercial banks was originally planned for On L , is a t n , d n u n m ot b e o r n , o f F ederal Reserve Par Feb. 1956 181 1956. It has now become clear that data from Stock Exchange firms, detailed debit and credit balances Mar. 1956 286 the 1954 Census of Business will not become avail- Annually able in time to complete the revision for use in Earnings and expenses: the study of consumer credit now being con- Federal Reserve Banks . Feb. 1956 178-179 Member banks: ducted by the Board. Calendar year May 1956 510-518 First half of year Oct. 1955 1188 To make sure that the consumer credit data Insured commercial banks May 1956 519 Banks and branches, number of, by class are currently as accurate as possible, it has been and State Apr. 1956 398-399 Operating ratios, member banks June 1956 650-652 decided to make all revisions indicated by the materials that are available. The retail compo- Banking and monetary statistics, 1955.. [J^y J|j*> ^-188 594 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial and Business Statistics * United States * Member bank reserves, Reserve Bank credit, and related items 599 Reserve Bank discount rates; reserve requirements; margin requirements. . 602 Federal Reserve Banks 603 Bank debits; currency in circulation 606 All banks: consolidated statement of monetary system; deposits and currency. 608 All banks, by classes 609 Commercial banks, by classes . 612 Weekly reporting member banks 614 Commercial loans; commercial paper and bankers' acceptances. . 616 Interest rates 617 Security prices; stock market credit 618 Savings institutions 619 Federal credit agencies 620 Federal finance 622 Security issues 626 Business finance 627 Real estate credit 629 Short- and intermediate-term consumer credit.. 632 Selected indexes on business activity 635 Production 636 Employment and earnings. . 642 Department stores 644 Foreign trade 645 Wholesale and consumer prices 646 National product and income series 648 Member bank operating ratios, 1955. 650 Tables published in Bulletin, annually or semiannually—list, with references. . 594 Index to statistical tables 681 Tables on the following pages include the prin- of material collected by other agencies; figures cipal statistics of current significance relating to for gold stock, currency in circulation, Federal financial and business developments in the finance, and Federal credit agencies are obtained United States. The data relating to Federal from Treasury statements; the remaining data Reserve Banks, member banks of the Federal are obtained largely from other sources. Back Reserve System, and department store trade, and figures for 1941 and prior years for banking and the consumer credit estimates are derived from monetary tables, together with descriptive text, regular reports made to the Board; production may be obtained from the Board's publication, indexes are compiled by the Board on the basis Banking and Monetary Statistics. 597 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS Wednesday figures, 1949-1950, weekly averages or daily figures, 1951- Billions of dollars MEMBER BANK RESERVE BALANCES 20 15 EXCESS RESERVES 2 0 35 30 A^4w^ 25 20 TREASURY CASH AND DEPOSITS NONMEMBER DEPOSITS 30 FEDERAL RESERVE CREDIT U.S. GOVERNMENT SECURITIES: 25 20 HELD UNDER REPURCHASE AGREEMENTS DISCOUNTS AND ADVANCES FEDERAL REESSEERRVVEE FFLLOOAATT | I 1 1949 1950 1951 1952 1953 1954 1955 1956 Latest averages shown are for week ending May 30. See p. 599. 598 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank e W nd e i e n k g T U o . t a S l . G B r o o o i v g u u t h t g - t h se t cu r a u c H e r g n h i p t e r a d i u e l e s e d e r e s r - - c v D o a a a n n u d is c d n - - e ts s Float Total1 s G to o c ld k T r s o c e t u i r a n u n u e r n r g c y t a - - d y s - - r c C t e c u i i n u o i n l r c a r n - - y - T h c i u o n r a e r g l s y d a h s s - - Tr u w e r a i y t s h - r F es F . e e o i R r r g v . n - e B s, a O nk th s er c O F o a t . u h c R n - e . t r s Total r q e u s R e ir e r e v - d e 2 s c E e x ss - 2 ment Averages of daily figures 1955 Apr. 6. 23,643 23,604 613 65624,918 21,719 4,997 29,831 821 559 344 492 97618,611 18,055 556 Apr. 13. 23,682 23,604 662 80125,159 21,669 4,996 29,940 812 325 349 553 97918,868 18,214 654 Apr. 20. 23,604 23,604 521 1,03125,175 21,670 4,997 29,793 820 483 419 454 97818,895 18,253 642 Apr. 27. 23,604 23,604 544 86125,031 21,671 4,998 29,686 813 541 367 438 97818,877 18,260 617 May 4. 23,666 23,613 53 544 74324,971 21,671 4,999 29,767 815 675 360 443 923 18,659 18,201 458 May 11. 23,839 23,702 137 374 69624,924 21,671 4,999 29,859 811 280 363 442 92018,920 18,176 744 May 18. 23,687 23,664 23 317 88824,908 21,672 4,999 29,877 821 310 417 377 92418,853 18,207 646 May 25. 23,513 23,513 427 88024,834 21,673 4,999 29,826 818 437 394 421 93718,673 18,192 481 June 1. 23,603 23,600 612 77225,001 21,674 5,001 29,961 823 582 400 478 93618,496 18,063 433 June 8. 23,683 23,683 533 81225,044 21,675 5,002 30,059 835 440 387 416 93518,648 18,036 612 June 15. 23,588 23,588 558 79324,956 21,676 5,001 30,058 832 304 434 387 94018,678 18,099 579 June 22. 23,554 23,554 348 1,13725,055 21,676 5,001 30,035 818 213 408 278 98118,998 18,301 697 June 29. 23,554 23,554 456 78924,815 21,677 5,001 30,021 814 323 425 275 98118,653 18,164 489 July 6. 23,703 23,692 688 85825,265 21,678 5,003 30,299 814 420 367 468 97018,609 18,085 524 July 13. 23,957 23,943 685 91325,571 21,679 5,003 30,416 803 440 425 419 97118,779 18,047 732 July 20. 23,943 23,943 357 1,11825,432 21,680 5,003 30,287 793 416 460 415 970 18,774 18,209 565 July 27. 24,140 24,035 105 439 91525,506 21,681 5,002 30,157 798 480 439 403 96718,945 18,386 559 Aug. 3. 24,044 23,982 781 80225,638 21,682 5,003 30,237 803 638 422 412 900 18,910 18,320 590 Aug. 10. 24,055 23,983 888 62725,584 21,682 5,003 30,285 800 646 434 396 88518,824 18,163 661 Aug. 17. 23,891 23,891 796 79425,495 21,682 5,003 30,336 797 507 474 400 910 18,757 18,155 602 Aug. 24. 23,796 23,796 724 89125,425 21,682 5,005 30,288 803 594 415 393 946 18,673 18,100 573 Aug. 31. 23,761 23,761 770 67125,217 21,682 5,005 30,268 803 479 399 394 946 18,614 18,130 484 Sept. 7. 23,826 23,761 865 68725,401 21,682 5,005 30,436 806 447 379 393 94318,685 18,111 574 Sept. 14. 23,813 23,744 918 82625,577 21,682 5,006 30,520 803 431 419 400 94218,750 18,142 608 Sept. 21. 23,564 23,564 768 1,26325,613 21,683 5,006 30,401 794 579 377 394 990 18; 767 18,191 576 Sept. 28. 23,598 23,587 901 96025,478 21,683 5,006 30,323 787 693 370 386 99018,618 18,134 484 Oct. 5. 23,844 23,727 117 843 81625,525 21,684 5,007 30,428 791 525 381 390 99918,700 18,189 511 Oct. 12. 23,911 23,792 119 909 87425,714 21,684 5,007 30,552 788 514 383 429 1,01118,728 18,175 553 Oct. 19. 24,021 23,916 105 1,041 1,08826,169 21,685 5,007 30,621 777 534 391 409 1,010 19,119 18,494 625 Oct. 26. 23,973 23,973 771 98525,747 21,685 5,009 30,498 778 496 381 387 1,010 18,891 18,433 458 Nov. 2. 23,995 23,995 943 79325,748 21,686 5,009 30,528 772 500 408 385 95118,898 18,421 477 Nov. 9. 24,024 24,024 1,144 77625,963 21,686 5,009 30,657 774 571 384 433 93918,899 18,343 556 Nov. 16. 24,068 24,018 50 1,173 1,01326,272 21,686 5,008 30,794 774 613 400 564 93818,883 18,302 581 Nov. 23. 23,888 23,888 816 1,48626,208 21,687 5,008 30,824 783 532 395 399 93519,036 18,468 568 Nov. 30. 24,001 23,903 "98 973 1,01926,012 21,688 5,008 30,963 781 439 399 398 93518,794 18,381 413 Dec. 7. 24,364 24,039 325 935 95726,274 21,688 5,008 31,070 780 483 424 413 93118,869 18,411 458 Dec. 14. 24,589 24,443 146 878 94126,428 21,689 5,007 31,244 786 337 446 372 98918,950 18,488 462 Dec. 21. 24,588 24,375 213 747 1,74627,101 21,689 5,008 31,364 772 401 469 336 1,010 1199,446 18,792 654 Dec. 28. 24,767 24,385 382 753 1,87527,420 21,690 5,008 31,415 774 523 497 410 1,01219,487 18,804 683 1956 Jan. 4.. 24,785 24,391 394 584 1,53926,936 21,690 5,008 31,153 773 356 438 513 93919,464 18,887 577 Jan. 11.. 24,308 24,191 117 801 1,24226,375 21,691 5,008 30,914 782 244 423 334 92319,453 18,725 728 Jan. 18.. 23,804 23,802 2 922 1,12525,872 21,692 5,008 30,632 786 360 417 321 92019,136 18,543 593 Jan. 25.. 23,517 23,517 815 1,12825,480 21,692 5,009 30,361 793 385 388 318 91919,017 18,494 523 Feb. 1.. 23,416 23,414 999 81425,248 21,693 5,009 30,223 798 464 369 343 91918,834 18,350 484 Feb. 8.. 23,423 23,423 822 84025,104 21,693 5,010 30,219 796 406 365 331 91718,773 18,230 543 Feb. 15.. 23,349 23,349 976 83225,11 A 21,694 5,010 30,247 800 428 377 400 93218,693 18,144 549 Feb. 22.. 23,389 23,333 56 622 1,33325,360 21,694 5,011 30,210 794 557 362 366 ,02618,749 18,175 574 Feb. 29.. 23,435 23,384 51 758 88025,089 21,695 5,012 30,181 792 542 354 306 ,02518,596 18,137 459 Mar. 7.. 23,518 23,426 92 749 83525,118 21,695 5,011 30,20: 783 461 360 327 ,023 18,670 18,137 533 Mar. 14.. 23,505 23,410 95 975 81 25,308 21,717 5,011 30,276 779 564 360 346 ,021 18,691 18,18" 509 Mar. 21.. 23,508 23,405 103 934 1,29725,754 21,713 5,013 30,264 783 489 333 336 ,069119,204 18,587 617 Mar. 28.. 23,508 23,495 1,196 94125,661 21,715 5,015 30,249 787 599 341 31 ,069(19,028 18,455 573 Apr. 4.. 23,634 23,587 47 986 1,02225,658 21,716 5,017 30,321 784 560 347 444 ,07518,860 18,322 538 Apr. 11.. 23,521 23,518 1,119 82625,481 21,727 5,016 30,300 782 508 328 307 082 18,917 18,284 633 Apr. 18.. 23,399 23,377 1,109 97325,497 21,741 5,018 30,290 785 531 347 313 ,08118,909 18,318 591 Apr. 25.. 23,282 23,282 1,061 1,01725,374 21,74: 5,019 30,155 782 569 335 331 ,078,18,884 18,344 540 May 2.. 23,299 23,243 56 1,089 86425,266 21,743 5,023 30,181 786 575 338 385 998|18,76' 18,359 408 M M a a y y 1 9 6 . . . . 2 23 3 , , 2 3 7 5 9 2 2 23 3 , , 2 2 2 5 6 2 1 5 0 3 0 1 1 , , 0 1 6 1 6 4 9 8 3 442 2 5 5 , , 3 2 2 9 5 8 2 21 1 , , 7 7 6 6 9 8 5 5, , 0 0 2 2 6 5 3 30 0 , , 3 2 5 9 9 6 7 7 8 8 1 9 5 56 5 3 5 3 3 7 3 8 4 3 3 2 1 1 4 9 98 82 0 1 1 1 8 8, , 8 7 4 1 8 0^1 1 8 8 , , 2 2 3 9 9 5 553 May 23.. 23,210 23,200 10 946 1,13925,310 21,770 5,028 30,317 781 594 319 310 980,18,809?18,262 May 30.. 23,412 23,359 53 732j 83524,995 21,771 5,03~ 30,32^ 785 507 297 32S 984 18,569^18,214 r Revised Preliminary. For other footnotes see following page. 599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS—Continued [In millions of dollars] Reserve Bank credit outstanding Deposits, other than member bank Member bank Treas- Cur- reserves, reserves P d e o r a i r t o e d T U o . t a S l . G B r o o o i v u g u t h t g . - t h s t ecurities c v D o a a a n n u d i c s n d - e - ts s Float Total* s G to o c ld k r s o c t e u i a u n u n r n r g t c y - - d y r c t e c u i i n i o n l r c a n - y - T h c i u o r n a e r l g s y d a h s - s- Tr u w e r a i y t s h - F F . e o i R g r . n - Ba O n t k h s er c O F o t a . u h c R n e - . t r s Total qu R ir e- ed 2 c E e x s - s* Averages of daily figures 1955 May. 23,666 23,617 49 445 798 24,924 21,673 4,999 29,861 818 421 389 432 92818,746 18,166 580 June. 23,598 23,596 2 465 878 24,958 21,676 5,001 30,050 825 329 412 345 95918,715 18,146 569 July.. 23,967 23,925 42 576 940 25,497 21,680 5,003 30,284 801 461 423 423 96218,824 18,205 619 Aug.. 23,886 23,870 16 803 746 25,450 21,682 5,004 30,289 801 569 431 398 91818,728 18,152 576 Sept.. 23,709 23,668 41 872 924 25,525 21,682 5,006 30,420 797 540 386 392 96818,711 18,148 563 Oct.., 23,951 23,881 70 895 926 25,792 21,685 5,008 30,532 781 509 390 403 1,00018,870 18,345 525 Nov.. 23,997 23,963 34 1,018 1,055 26,089 21,687 5,008 30,791 778 538 394 444 93718,902 18,378 524 Dec.. 24,602 24,318 284 840 ' ,389 26,85321,689 5,008 31,265 777 434 459 394 98319,240 18,646 594 1956 Jan.. 23,897 23,824 808 ,152 25,879 21,692 5,008 30,620 787 356 404 354 92119,138 18,586 552 Feb.. 23,401 23,375 800 96525,183 21,694 5,011 30,214 796 480 364 351 973 18,709 18,177 532 Mar.. 23,522 23,449 993 987 25,517 21,711 5,013 30,256 783 532 349 350 1,04? 18,924 18,340 584 Am.. 23.410 23,393 1,060 925 25,411 21,735 5,018 30,245 783 545 338 338 1,067 18,847 18,320 527 May. 23,322 23,262 971 928 25,237 21,768 5,028 30,322 785 556 331 322 98218,735 Midyear or year-end 1929—June.... 216 148 68 1,037 1,400 4,037 2,019 4,459 204 36 6 21 374 2,356 2,333 23 1933—June.... 1,998 1,998 164 2,220 4,031 2,286 5,434 264 35 15 151 346 2,292 1,817 475 1939—Dec 2,484 2,484 7 2,593 17,644 2,963 7,598 2,409 634 397 256 25111,653 6,444 5,209 1941_Dec 2,254 2,254 3 2,361 22,737 3,247 11,160 2,215 867 774 586 29112,450 9,365 3,085 1945—Dec 24,262 24,262 249 578 25,091 20,065 4,339 28,515 2,287 977 862 446 49515,915 14,457 1,458 1947—Dec 22,559 22,559 85 !,181 22,754 4,562 28,868 1,336 870 392 569 56317,899 16,40C 1,499 1950—Dec 20,778 20,725 53 67 1,368 22,216 22,706 4,636 27,741 1,293 668 895 565 71417,681 16,509 1.172 1952—Dec 24,697 24,034 663 156 967 25,825 23,187 4,812 30,433 1,270 389 550 455 77719,950 20,52C -570 1953—Dec 25,916 25,318 598 28 26,880 22,030 4,894 30,781 761 346 423 493 839 20,160 19,397 763 1954—June 25,037 25,037 37 i,642 21,927 4,959 29,922 811 875 545 377 98819,011 18,412 599 Dec 24,932 24,888 "44 143 808 25,885 21,713 4,985 30,509 796 563 490 441 90718,876 18,61? 258 End of month 1955 May. 23,662 23,662 460 64324.780 21,674 5,002 30,009 828 649 402 413 93618.221 18.02S 192 June. 23,607 23,554 53 128 850 24,601 21,678 5,002 30,229 812 380 374 448 97218,066 18,135 -73 July.. 24,090 23,982 108 754 86425,719 21,682 5,003 30,244 798 623 410 419 91018,999 18,311 688 Aug.. 23,761 23,761 470 66524,911 21,682 5,005 30,317 804 393 387 383 94518,368 18,151 217 Sept.. 23,834 23,729 105 603 79225,250 21,684 5,006 30,422 787 554 385 379 99018,423 18,212 211 Oct... 24,024 24,024 706 68325,430 21,686 5,008 30,559 776 484 402 396 94118,565 18,393 172 Nov.. 24,256 23,991 265 618 88325,776 21,688 5,008 30,993 778 477 408 412 93118,474 18,41* 57 Dec. 24,785 24,391 394 108 1,58526,507 21,690 5,008 31,158 767 394 402 554 92519,005 18,903 102 1956 Jan 23,466 23,466 852 78625,122 21,693 5,009 30,228 797 428 355 349 919 18,750 !8,31f 439 Feb 23,482 23,426 56 632 79124,920 21,695 5,012 30,163 789 554 363 305 1,025 18,428 18,162 266 Mar 23,636 23,587 49 872 1,23825,761 21,716 5,020 30,339 777 534 354 623 1,069 18,799 18,276 523 Aor 23,345 23 245 100 1.204 74425 30721.743 5.025 30.210 783 578 330 404 98418,784 18,325 459 May 23,474 23,360 114 1,160 726 25,377"21,771 '5,032 '30,508 515 307 309 98318,773*>18,195 *>578 Wednesday 1956 Mar. 7 , 23,517 23,426 650 80824.992 21.696 5,011 30,223 780 452 356 347 ,02218,518 18,139 379 Mar. 14 23,483 23,410 702 92425,125 21.721 5,012 30,247 788 561 340 351 ,02018,552 18,267 285 Mar. 21 23,406 23,406 1,059 1,27825,758 21,715 5,015 30,247 794 995 325 325 ,06818,732 18,621 111 Mar. 28 , 23,604 23,588 706 79325,117 21,715 5,015 30,238 787 512 343 316 ,07018,582 18,445 137 Apr. 4. 23,609 23,588 644 86625,135 21,716 5,016 30,279 788 503 327 302 ,08218,586 18,377 209 Apr. 11. 23,430 23,430 995 77225,212 21,741 5,018 30,273 787 518 313 307 ,08218,690 18,294 396 Apr. 18. 23,360 23,360 803 98225,160 21,741 5,018 30,209 787 444 356 309 ,08118,735 18,370 365 Apr. 25. 23,252 23,252 857 75724,881 21,742 5.021 30,077 784 571 337 313 ,07418,487 18,318 169 May 2 23,382 23,252 130 901 87625,173 21,743 5,025 30,209 795 585 335 375 98318,661 18,422 239 May 9 23,272 23,252 20 1,003 77825,068 21,768 5,025 30,317 792 498 336 322 97918,617 18,250 367 May 16 23,296 23,225 71 656 1,01524,983 21,769 5,027 30,322 786 564 338 M2 97918,477*>18,268 P209 May 23 23,200 23,200 715 87624,807 21,771 5,029 30,244 788 636 312 310 98318,334^18,240 May 30 23,395 23,360 35 573 856 24,841 21,771 5,032 30,437 788 434 296 492 983118,215^18,193 P Preliminary. separately in this table, but are given for end-of-month and Wednesday 1 Includes industrial loans and acceptances; these items are not shown dates in subsequent tables on Federal Reserve Banks. 2 These figures are estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK RESERVES AND RELATED ITEMS 601 RESERVES, DEPOSITS, AND BORROWINGS OF MEMBER BANKS, BY CLASSES [Averages of daily figures. 1 In millions of dollars] Centralreserve Central reserve All city banks Re- Coun- All city banks Re- Coun- Item and period mem- serve try Item and period mem- serve try ber city banks ber city banks banks New Chi- banks banks New Chi- banks York cago York cago Total reserves held: Excess reserves:2 1955_Apr 18,800 4,445 1,122 7,747 5,486 1955—Apr 590 4 74 513 May 18,746 4,407 1,139 7,734 5,465 May 580 23 1 85 470 June 18,715 4,388 1,135 7,680 5,512 June 569 15 -3 61 496 July 18,825 4,371 1,148 7,759 5,546 July 619 9 8 87 516 Aug 18,728 4,286 1,140 7,737 5,565 Aug 577 10 -1 54 514 Sept 18,711 4,262 1,129 7,738 5,583 Sept 564 14 63 487 Oct 18,870 4,316 1,127 7,823 5,604 Oct 524 1 64 460 Nov 18,902 4,257 1,144 7,840 5,660 Nov 525 14 3* 38 470 Dec 19,240 4,432 1,166 7,924 5,716 Dec 594 35 2 60 497 1956—Jan 19,138 4,293 1,178 7,934 5,732 1956—Jan 552 -24 -1 72 505 Feb 18,709 4,196 1,138 7,753 5,623 Feb 533 11 3 66 452 Mar 18,924 4,372 1,137 7,796 5,619 Mar 585 28 2 84 470 Apr 18,847 4,287 1,105 7,814 5,641 Apr , 527 -12 -1 64 476 Week ending: Weekending: 1956—Apr. 18 18,909 4,279 [,125 7,826 5,679 1956—Apr. 18 591 5 2 62 522 Apr. 25 18,884 4,307 1,101 7,819 5,657 Apr. 25 539 12 -6 62 471 May 2 18,767 4,323 1,126 7,824 5,495 May 2 408 9 7 54 338 May 9 18,848 4,278 1,116 7,807 5,648 May 9 553 3 1 7i 478 May 16 18,710 4,226 1,114 7,796 5,574 May 16 P469 5 2 53 *>409 May 23 18,809 4,264 1,115 7,776 5,654 May 23 ^547 21 48 May 30 18,569 4,236 1,121 7,762 5,451 May 30 *>356 -14 -3 73 Borrowings at Federal Required reserves:2 Reserve Banks: 1955—Apr 18,210 4,442 1,122 7,673 4,973 1955—Apr 495 27 125 229 114 May 18,166 4,384 1,138 7,649 4,995 May 368 4 26 213 125 June 18,146 4,373 1,138 7,619 5,016 June 401 13 40 229 119 July 18,205 4,362 1,140 7,673 5,030 July 527 78 33 306 110 Aug 18,152 4,277 1,141 7,682 5,052 Aug 765 149 60 395 161 Sept 18,148 4,248 1,128 7,675 5,096 Sept 849 141 114 472 122 Oct 18,345 4,316 1,127 7,759 5,144 Oct 884 151 137 480 116 Nov 18,378 4,243 1,142 7,802 5,191 Nov 1,016 279 70 538 129 Dec 18,646 4,397 1,164 7,865 5,220 Dec 839 197 85 398 159 1956—Jan 18,586 4,317 [,179 7,863 5,227 1956—Jan 807 174 82 425 126 Feb 18,177 4,186 [,134 7,687 5,170 Feb 799 149 106 402 142 Mar 18,340 4,344 [,135 7,712 5,149 Mar 993 202 258 382 151 Apr 18,320 4,299 [,106 7,750 5,165 Apr 1,060 155 261 493 151 Week ending: Week ending: 1956—Apr. 18 18,318 4,274 1,123 7,764 5,157 Apr. 18 1,109 214 263 481 151 Apr. 25 18,344 4,295 ,107 7,756 5,186 Apr. 25 1,060 117 282 517 144 May 2 18,359 4,314 ,118 7,770 5,157 May 2 1,089 126 236 538 189 May 9 18,295 4,275 ,115 7,735 5,170 May 9 1,114 124 195 593 202 May 16 18,239 4,221 ,111 7,742 ^5,165 May 16 1,066 165 186 508 207 May 23 18,262 4,243 ^115 7,728 *>5,176 May 23 946 73 164 556 153 May 30 18,214 4,250 1,124 7,689 ^5,151 May 30 732 23 46 414 249 Free reserves:2 4 April 1955 1955—Apr 95 -23 -125 -155 399 May 212 19 -25 -128 345 Deposits: June 168 2 -43 -168 377 July 92 -69 -25 -219 406 Gross demand deposits: Aug -188 -139 -61 -341 353 Total 113,261 23,759 5,920 44,419 39,162 Sept -285 -127 -114 -409 365 Interbank 12,820 3,996 1,228 6,334 1,262 Oct -360 -150 -137 -416 344 Other 100,441 19,763 4,693 38,085 37,900 Nov -491 -265 -67 -500 341 Net demand deposits 3 98,358 21,346 5,282 38,185 33,544 Dec -245 -162 -83 -338 338 Time deposits 39,713 3,453 1,307 16,003 18,949 Demand balances due 1956—Jan -255 -198 -83 -353 379 from domestic banks... 6,527 95 97 2,051 4,284 Feb -266 -138 -103 -336 310 Mar -408 -174 -256 -298 319 Apr , -533 -167 -262 -429 325 April 1956 Week ending: 1956—Apr. 18 -518 -209 -261 -419 371 Gross demand deposits: Apr. 25 -521 -105 -288 -455 327 Total 114,745 23,294 5,901 45,112 40,438 May 2 -681 -117 -229 -484 149 Interbank 12,781 4,033 1,201 6,250 1,297 May 9 -561 -121 -194 -522 276 Other 101,964 19,261 4,701 38,862 39,141 May 16 P-597 -160 -184 -455 ^202 Net demand deposits3.... 99,193 20,668 5,211 38,485 34,830 May 23 P-399 -52 -164 -508 Time deposits 40,747 3,313 1,287 16,448 19,698 May 30 P-376 -37 -49 -341 Demand balances due from domestic banks... 6,410 101 98 2,050 4,161 v Preliminary. 3 Demand deposits subject to reserve requirements, i. e., gross demand 1 Averages of daily closing figures for reserves and borrowings and of deposits minus cash items reported as in process of collection and demand daily opening figures for other items, inasmuch as reserves required are balances due from domestic banks. based on deposits at opening of business. 4 Free reserves are excess reserves less borrowings. 2 Weekly figures of required, excess, and free reserves of all member banks and of country banks are estimates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Discounts for and advances to member banks Advances to individuals, partnerships, or corpora- A o d b v li a g n a c t e io s n s s e c a u n r d e d d i b s y co G un o t v s e o rn f m an e d nt Other secured advances t b o io b a n n li s k g s o a t t s i h o e e c n r u s r t e h o d a f n t b h y m e d e U m ir . e b S c e t . r Federal Reserve Bank advances secured by eligible paper [Sec. 10(b)] (last par. Sec. 13) (Sees. 13 and 13a) 1 Rate on In effect Previous Rate on In effect Previous Rate on In effect Previoui May 31 beginning— rate May 31 beginning— rate May 31 beginning— rate Boston 2% Apr.13, 1956 Apr. 13,1956 Apr. 13,1956 New York... 2% Apr.13, 1956 Apr. 13,1956 Apr. 13,1956 Philadelphia.. Apr.13, 1956 Apr. 13,1956 Apr. 13,1956 Cleveland Apr.13, 1956 Apr. 13,1956 Nov. 18,1955 Richmond. . . 18 Apr.13, 1956 Apr. 13,1956 Nov. 22,1955 Atlanta Apr.13, 1956 Apr. 13,1956 Apr. 13,1956 Chicago Apr.20, 1956 Apr. 20,1956 Apr. 20,1956 St. Louis 2*4 Apr.13, 1956 Apr. 13,1956 Apr. 13,1956 Minneapolis.. 2% Apr.13, 1956 Apr. 13,1956 Apr. 13,1956 Kansas City.. 2% Apr.13, 1956 Apr. 13,1956 Apr. 13,1956 Dallas 2% Apr.13, 1956 Apr. 13,1956 Apr. 13,1956 San Francisco Apr.13, 1956 Apr. 13,1956 Apr. 13,1956 i Rates shown also apply to advances secured by obligations of Federal ances and of agricultural paper may have maturities not exceeding 6 intermediate credit banks maturing within 6 months. months and 9 months, respectively, and advances secured by obligations of Federal intermediate credit banks maturing within 6 months are NOTE.—Maximum maturities. Discounts for and advances to member limited to maximum maturities of 15 days; 4 months for advances under banks: 90 days for discounts and advances under Sections 13 and 13a of Section 10(b). Advances to individuals, partnerships, or corporations the Federal Reserve Act except that discounts of certain bankers' accept- under the last paragraph of Section 13: 90 days. FEDERAL RESERVE BANK OF NEW YORK DISCOUNT RATEi MEMBER BANK RESERVE REQUIREMENTS [Per cent per annum] [Per cent of deposits] Date effective Rate Date effective Rate Net demand deposits * Time deposits 1930—Feb. 7 1942—Oct. 30 Effective date Central D J M M u e a n a c y r e . . 2 2 1 4 0 2 4 1 19 9 4 4 8 6 — — J A a p n r . . 2 1 5 2 1 1 8 of change C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C ba o tr n u y k n s - r re e c a s s i n e e t r r d y v v e e C ba o tr n u y k n s banks 1931—May 8 Aug. 13 Oct. 9 1% h Oct. 16 1950—Aug. 21 1917—June 21 13 10 7 3 2 1932—Feb. 26 1953—Jan. 16 1936_Aug. 16 191/2 15 1014 June 24 1937—Mar. 1 8* 17i/2 1214 1954—Feb. 5 20 14 6 1933— A M p a r r . . 7 3 Apr. 16 1938—Apr. 16 22% 17& 12 5 5 May 26 1955—Apr. 15 k Oct. 20 Aug. 5 1941—Nov. 1 26 20 14 6 6 Sept. 9 1942—Aug. 20 24 1934_Feb. 2 Nov. 18 Sept. 14 22 1956—Apr. 13 2% Oct. 3 20 1937_Aug. 27, In effect June 1,1956 2% 1948—Feb. 27 22 June 11 24 1 Under Sees. 13 and 13a, as described in table above. Sept. 16,24*.... 26 22 16 IVi m 2 Preferential rate for advances secured by Govt. securities maturing or callable in 1 year or less in effect during the period Oct. 30, 1942- 1949—May 1,5* 24 21 15 7 7 Apr. 24, 1946. The rate of 1 per cent was continued for discounts of and June 30, July 1*. 2\0f* 14 6 advances secured by eligible paper. Aug. 1,11*.... §* 13 5 Aug. 16, 18*.... g» 18% 12 5 Aug. 25 18 MARGIN REQUIREMENTS l Sept. 1 [Per cent of market value] 1951—Jan. 11,16*.... 23 19 13 6 6 Jan. 25,Feb. 1*. 24 20 14 Feb. 20, Jan. 4, Effec- 1953—July 1, 9*.... 22 19 13 Prescribed in accordance with 1953- 1955- tive Securities Exchange Act of 1934 Jan. 4, Apr. 22, Apr. 23, 1954_june 16,24*.... 21 5 5 1955 1955 1955 July 29, Aug. 1*. 20 18 12 In effect June 1, 1956.. 20 18 12 5 5 Regulation T: For extensions of credit by brokers and Present statutory redealers on listed securities 50 60 70 quirements: 50 60 70 Minimum 13 10 7 3 3 Regulation U: Maximum 26 20 14 6 6 50 60 70 1 Demand deposits subject to reserve requirements, which beginning i Regulations T and U limit the amount of credit that may be extended Aug. 23, 1935, have been total demand deposits minus cash items in on a security by prescribing a maximum loan value, which is a specified process of collection and demand balances due from domestic banks (also percentage of its market value at the time of extension; margin require- minus war loan and series E bond accounts during the period Apr. 13. ments are the difference between the market value (100%) and the maxi- 1943-June 30, 1947). mum loan value. Changes on Feb. 20, 1953, and Jan. 4, 1955, were *First-of-month or midmonth dates are changes at country banks, and effective after the close of business on those dates. other dates (usually Thursdays) are at central reserve city or reserve city banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 603 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday End of month Item 1956 1956 1955 May 30 May 23 May 16 May 9 May 2 May Apr. May Assets Gold certificate account 20,249,988 20,249,98720,249,988 20,240,986 20.205,989 20,249,98720,205,989 20,143,102 Redemption fund for F. R. notes.. 834,859 834,938 838,389 841,193 841,255 834,859 844,885 844,752 Total gold certificate reserves. 21,084,847 21,084,925 21,088,377 21,082,179 21,047,244 21,084,846 21,050,874 20,987,854 F. R. notes of other Banks 249,353 297,212 276,100 270,808 295,654 239,419 294,747 163,926 Other cash 356,091 372,972 365,590 362,856 384,386 353,076 399,717 344,080 Discounts and advances: For member banks 572,690 714,964 655,830 1,003,066 900,571 1,160,025 1,204,307 393,642 For nonmember banks, etc 66,667 Industrial loans 930 927 953 968 941 933 945 701 Acceptances—Bought outright 16,439 14,735 14,345 14,345 13,905 16,442 13,167 14,096 Held under repurchase agreement. U. S. Government securities: Bought outright: Bills 471,970 311,170 336,470 363,470 363,470 471,970 356,970 940,950 Certificates—Special Other 10,932,699 10,932,699 10,932,699 10,932 69910,932,699 10,932,699 10,932,699 :, 273,775 Notes 9,153,913 9,153,913 ,153,913 9,153 913 9,153,913 9,153,913 9,153,913 ,645,837 Bonds 2,801,750 2,801,750 ,801,750 2,801 750 2,801,750 2,801,750 2,801,750 ,801,750 Total bought outright 23,360,33223,199,532 23,224,832 23,251 832 23,251,832 23,360,332 23,245,33223,662,312 Held under repurchase agreement. 34,900 71,650 20:600 129,850 113,400 99,600 Total U. S. Government securities. 23,395,232 23,199,532 23,296,482 23,272,432 23,381,682 23,473,732 23,344,932 23,662,312 Total loans and securities. 23,985,29123,930,15823,967,610 24,290,81124,297,09924,651,13224,563,35124,137,418 Due from foreign banks. 22 22 22 22 22 22 22 Uncollected cash items.. 4,220,491 4,608,518 ,515,459 4,214 4,647,827 ,190,376 ,977,081 ,453,158 Bank premises 66,622 66,681 66,283 65 65,401 66,584 65,376 56,467 Other assets 195,016 186,906 182,131 173 161,787 198,032 157,382 162,621 Total assets. 50,157,733 50,547,394 51,461,572 50,460,050 50,899,420 50,783,487 50,508,550 49,305,546 Liabilities Federal Reserve notes 26,111,720 25,986,999 26,042,276 26,031,661 25,962,399 26,167,514 25,970,989 25,655,904 Deposits: Member bank reserves 18,214,634 8,334, 18,477,280 18,616,940 18,660,983 18,773,171 18,784,477 18,220,837 U. S. Treasurer—general account. 434,202 635! 564 i 498 585,253 515,254 578,350 649,133 Foreign 295,534 312; 338. 335, 334,754 306,646 330,381 402,237 Other 492,317 309; 312; 322; 374,503 308,518 404,166 412,566 Total deposits. 19,436,687 19,591,742 19,691,948 19,773,225 19,955,493 19,903,589 20,097,37419,684,773 Deferred availability cash items 3,364,574 3,732 4,500,309 3,436,570 ,771,823 3,464,323 3,233,229 2,810,214 Other liabilities and accrued dividends. 20,786 19 18,689 18,869 18,669 22,000 18,364 18,759 Total liabilities. 48,933,767 49,330,50250,253,222 49,260,325 49,708,384 49,557,426 49,319,956 48,169,650 Capital Accounts Capital paid in 314,695 314,662 314,439 314,051 313,800 314,697 313,778 293,649 Surplus (Section 7) 693,612 693,612 693,612 693,612 693,612 693,612 693,612 660,901 Surplus (Section 13b) 27,543 27,543 27,543 27,543 27,543 27,543 27,543 27,543 Other capital accounts 188,116 181,075 172,756 164,519 156,081 190,209 153,661 153,803 Total liabilities and capital accounts. 50,157,733 50,547,394 51,461,572 50,460,050 50,899,420 50,783,487 50,508,550 49,305,546 Ratio of gold certificate reserves to deposit and F. R. note liabilities combined (per cent) , 46.3 46.3 46.1 46.0 45.8 45.8 45.7 46.3 Contingent liability on acceptances purchased for foreign correspondents , 45,770 45,792 45,842 44,508 42,918 45,290 42,213 26,420 Industrial loan commitments , 2,466 2,471 2,445 2,432 2,459 2,571 2,455 3,409 Maturity Distribution of Loans and U. S. Government Securities1 Discounts and advances—total 572,690 714,964 655,830 1 003,066 900,571 ,160,025 204,307 460,309 Within 15 days 560,458 706,171 643,466 991,926 891,121 149,293 194,857 381,949 16 days to 90 days 12,158 8,718 12,325 11,140 9,450 10,658 9,450 51,681 91 days to 1 year 74 75 39 74 26,679 Industrial loans—total 930 927 953 941 933 945 701 Within 15 days 357 333 364 1 1 1 2 17 16 days to 90 days 69 68 69 427 429 68 432 409 91 days to 1 year 144 166 151 170 141 504 141 130 Over 1 year to 5 years 360 360 369 370 370 360 370 145 Acceptances—total 16,439 14,735 14,345 14,345 ,905 16,442 13,167 14,096 Within 15 days 6,064 6,333 5,676 5,250 ,300 5,349 3,970 4,942 16 days to 90 days 10,375 8,402 8,669 9,095 ,605 11,093 9,197 9,154 U. S. Government securities—total 23,395,23223,199,532 23.296,482 23 272,432 23,381,68223,473,73223,344,932 23 662,312 Within 15 days 171,100 181,470 239,720 96,170 213.550 152,100 153,000 150,200 16 days to 90 days 7,775,835 ,569,765 168,400 287,900 279;770 7,873,335 303,570 ,544,449 91 days to 1 year 1,932,69911,932,699 19,372,764 19,372,76419,372,764 11,932,699 ,372,764 ,765,699 Over 1 year to 5 years 087,127 ,087,127 087,127 087,127 1,087. ,087,127 ,087,127 ,773,493 Over 5 years to 10 years ;013,614 ,013,614 013,614 013,614 1,013 ,013,614 ,013,614 ,013,614 Over 10 years ,414,857 ,414.857 414,857 414,357j 1,414. ,414,857 ,414,857 ,414,857 I 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON MAY 31, 1956 [In thousands of dollars] San Item Boston New Phila- Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Fran- York delphia land mond Louis apolis City cisco Assets Gold certificate account 965,471 5,528,502 1,030,4851,777,1961,219,689 856,218 3,716,865 836,674 331,427 794,414 669,200 2,523,846 Redemption fund for F. R. notes 50,983 170,776 57,357 73,863 67,011 51,671 156,225 43,367 23,398 40,815 26,149 73,244 Total gold certificate reserves. 1,016,454 5,699,278 1,087,8421,851,0591,286,700 907,889 3,873,090 880,041 354,825 835,229 695,349 2,597,090 F. R. notes of other Banks... 14,133 42,800 21,938 15,042 19,839 56,246 20,812 8,097 6,983 5,046 12,012 16,471 Other cash 27,876 81,267 16,462 30,001 18,874 28,223 51,049 22,964 9,888 12,190 16,822 37,460 Discounts and advances: Secured by U. S. Govt. securities 81,060 290,920 125,650 67,865 34,917 58,152 188,277 37,605 86,565 77,905 31,170 29,000 Other 65 43,800 7,000 74 Industrial loans 300 580 53 Acceptances: Bought outright 16,442 Held under repurchase agreement U. S. Govt. securities: Bought outright 1,284,024 5,879,282 1,403,746 2,020,5051,438,2721,201,165 4,075,724 975,294 527,640 1,012,203 928,433 2,614,044 Held under repurchase agreement 113,400 Total loans and securities.... ,365,449 6,300,044 1,573,776 2,088,370 .473,1891,259,317 4,264,0011,012,899 621,258 1,090,182 959,6032,643,044 Due from foreign banks 16 2 2 1 3 1 1 1 2 Uncollected cash items 308,694 764,946 267,960 430,947 318,566 293,609 676,922 171,420 114,374 195,101 210,186 437,651 Bank premises 5,481 8,305 4,938 6,815 6,357 4,019 5,988 3,550 3,855 3,981 2,519 10,776 Other assets 10,596 47,481 11,576 17,224 12,031 10,969 36,434 8,007 4,345 8,328 9,110 21,931 Total assets. 2,748,68412,944,127 2,984,494 4,439,460 3,135,557 2,560,273 8,928,299 2,106,979 115,529 2,150,0581,905,602 5,764,425 Liabilities F. R. notes 1,567,633 5,987,055 1,757,0212,434,9831,976,5331,304,808 5,079,3701,188,062 516,5071,036,847 684,427 2,634,268 Deposits: Member bank reserves 760,939 5,575,744 862,7971,460,886 778,225 932,832 2,962,018 677,840 429,989 858,712 975,294 2,497,895 U. S. Treasurer—general account 39,308 100,923 20,387 24,057 32,277 38,742 80,846 35,763 27,920 28,341 38,884 47,806 F O o th re e i r gn 16,815 2 103,131 20,520 25,935 1 2 4 , , 2 5 4 3 7 5 12, 7 5 8 4 2 0 39,9 5 0 0 0 9 1 6 0 , , 6 8 5 3 0 0 7,125 10,830 14, 9 5 5 3 1 5 2 3 9 6 , , 9 8 5 2 0 8 1,960 246,208 9,348 1,453 787 795 Total deposits 819,022 6,026,006 913,0521,512,331 827,284 984,896 3,083,273 731,083 465,821 898,6781,029,664 2,612,479 Deferred availability cash items 287,946 586,062 226,189 379,432 265,906 213,110 585,929 139,020 100,920 165,056 129,870 384,883 Other liabilities and accrued dividends 1,181 6,526 1,106 2,389 955 1,024 4,002 732 547 817 767 1,954 Total liabilities ,675,78212,605,6492,897,368 4,329,1353,070,678 2,503,8388,752,574 2,058,897 ,083,795 2,101,398 844,728 5,633,584 Capital Accounts Capital paid in 16,350 91,375 20,066 29,904 14,340 14,491 41,921 10,784 7,008 12,604 17,236 38,618 Surplus (Sec. 7) 41,667 195,827 49,491 62,563 35,012 30,841 101,894 27,649 17,586 25,960 33,847 71,275 Surplus (Sec. 13b) 3,011 7,319 4,489 1,006 3,349 762 1,429 521 1,073 1,137 1,307 2,140 Other capital accounts.. 11,874 43,957 13,080 16,852 12,178 10,341 30,481 9,128 6,067 8,959 8,484 18,808 Total liabilities and capital accounts 2,748,68412,944,127 2,984,494 4,439,460 3,135,557 2,560,2738,928,299 2,106,9791,115,529 2,150,058 ,905,602 5,764,425 Reserve ratio 42.6% 47.4% 40.7% 46.9% 45.9% 39.7% 47.4% 45.9% 36.1% 43.2% 40.6% 49.5% Contingent liability on acceptances purchased for foreign correspondents 2,702 312,589 3,298 4,168 2,336 2,015 6,412 1,740 1,145 1,740 2,336 4,809 Industrial loan commitments.. 92 243 108 2,128 1 After deducting $16,000 participations of other Federal Reserve Banks. 3 After deducting $32,701,000 participations of other Federal Reserve 2 After deducting $203,490,000 participations of other Federal Reserve Banks. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS 605 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS [In thousands of dollars] FEDERAL RESERVE BANKS COMBINED Wednesday End of month Item 1956 1956 1955 May 30 May 23 May 16 May 9 May 2 May Apr. May F. R. notes outstanding (issued to Bank). 26,967,900 26,909,85926,933,704 26,925,80126,915,130 26,993,126 26,902,686 26,464,705 Collateral held against notes outstanding: Gold certificate account 11,513,000 11,513,000 11,513,000 11,513,000 11,413,000 11,513,000 11,413,000 11,108,000 Eligible paper 121,471 182,697 170,569 211,365! 201,646! 285,021| 223,781' 213,625 U. S. Government securities 16,935,000'l6,935,000 16,935,000 16,935,000 17,035,000; 16,935,000117,035,000 17,055,000 Total collateral 28,569,471 28,630,697 28,618,569 28,659,365,28,649,646 28,733,021,28,671,781 28,376,625 I i I I I EACH FEDERAL RESERVE BANK ON MAY 31, 1956 Item Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - F. R. notes outstanding (issued to Bank) 1,615,605 6 154,5851,824,995 2,539,5892,029,0471,355,750 5162,9711,229,196 563,9021,062,970 722,199 2,732,317 Collateral held: Gold certificate acct.. 640,000 2870,000 725,000 1,070,000 845,000 500,000 2,200,000 450,000 150,000 280,000 283,000 1,500,000 Eligible paper 169,450 37,605 77,966 | U. S. Govt. securities. 1,200,000 3,600,000 1,200,000,500,0001,250,0001,000,000 3,000,000 900,000 460,000 800,000 525,000 1,500,000 Total collateral 1,840,000 6,470,000 2,094,450 2,570,000 2,095,000 1,500,000 5,200,000 1,387,605 610,0001,157,966 808,000 3,000,000 INDUSTRIAL LOANS BY FEDERAL RESERVE BANKS LOANS GUARANTEED UNDER REGULATION V* [Amounts in thousands of dollars] [Amounts in millions of dollars] y E m e n a o d r n t o o h f r N b u A e m r a p p t p - o p l i r c d o A a a v t t m i e e o d o n u s nt (a b p p m c u r l A o e o t o P t m v u n e - e d n - o d 1 t t) s ( t a a L m n o o d u o a i u t n n - n s g t 2 ) ( C s a t m o m a o m n e u o d n m u t i - t n n s it t g - ) s ( o i t a n p P f t a u m g a a n o f t t r i d i o u i i n t o n o i i u t a c n n - s n n n i t g s s - i c t - ) 3 - y E m e n o a d r n t o o h f r N b u e m r au - t L t o h o o d a r A a n iz t s m e ed ount a T m o o o t u a u n l t L t st o a a n n d s g i P n u o t g e a r e t r i a d o n n - a u o a A b n n v u a o t d d a t e m m s r d i e e l r t r i e a a o o t b n a n i w u g o g l t d n e s u e n r i t r e a n a s t e r l g o - - 1950 3,698 651,389 4,819 2,632 3,754 *,745 1950 62 31 8 6 8 1951 3,736 710,931 3,513 4,687 6,036 11,985 1951 854 1,395 675 547 473 1952 3,753 766,492 1,638 3,921 3,210 ?,289 1952 ,159 2,124 979 803 586 1953 3,765 803,429 1,951 1,900 3,569 S,469 1953 ,294 2,358 805 666 364 1954 3,771 818,224 520 719 1,148 1,027 1954 ,367 2,500 472 368 273 1955 1955 Apr 3,775 823,359 270 675 3,389 1,576 Apr ,384 2,523 425 321 255 May 3,775 823,754 170 707 3,410 1,586 May ,388 2,530 399 298 272 June 3,775 824,441 170 460 3,571 1,577 June ,390 2,543 394 294 235 July 3,775 824,847 170 489 3,265 1,305 Julv ,392 2,544 296 225 211 Aug 3,777 825,161 45 586 3,416 1,392 Aug ,396 2,552 291 221 207 Sept 3,777 825,282 45 700 2,795 1,230 Sept ,400 2,557 281 217 204 Oct 3,777 825,666 45 693 2,751 1,224 Oct ,402 2,564 269 210 202 Nov 3,777 826,111 45 704 2,339 1,107 Nov ,404 2,568 281 217 192 Dec 3,778 826,853 305 702 2,293 1,103 Dec ,411 2,575 294 226 170 1956 1956 Jan 3,778 827,159 45 693 2,470 1,154 Jan ,415 2,581 281 216 178 Feb 3,778 827,529 45 695 2,444 1,152 Feb ,419 2,636 298 228 170 Mar 3,778 828,016 45 658 2,455 1,132 Mar ,427 2,654 338 253 167 Apr 3,779 828,846 45 945 2,455 1,128 Apr ,432 2,657 335 250 180 1 Includes applications approved conditionally by the Federal Reserve 1 Loans made by private financing institutions and guaranteed by Gov- Banks and under consideration by applicant. ernment procurement agencies, pursuant to the Defense Production Act 2 Includes industrial loans past due 3 months or more, which are not of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing included in industrial loans outstanding in weekly statement of condition agencies in these transactions, and the procedure is governed by Regulaof Federal Reserve Banks. tion V of the Board of Governors. 3 Not covered by F. R. Bank commitment to purchase or discount. NOTE.—The difference between guaranteed loans authorized and sum NOTE.—The difference between amount of applications approved and of loans outstanding and additional amounts available to borrowers the sum of the following four columns represents repayments of advances, under guarantee agreements outstanding represents amounts repaid, and applications for loans and commitments withdrawn or expired. guarantees authorized but not completed, "and authorizations expired or withdrawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 BANK DEBITS FEDERAL RESERVE BANK RATES ON INDUSTRIAL LOANS 1 FEES AND RATES ON LOANS GUARANTEED UNDER REGULATION VI [In effect May 31. Per cent per annum] [In effect May 31] To industrial or Fees Payable to Guaranteeing Agency by Financing commercial To financing institutions Institution on Guaranteed Portion of Loan businesses Guarantee fee Percentage of On discounts or Percentage of (percentage of any commitment Federal purchases loan guaranteed interest payable fee charged Reserve by borrower) borrower Bank On On On commit- Portion Re- commitloans2 ments for which main- ments 10 10 institu- ing 75 15 15 tion is por- 80 20 20 obligated tion 85 25 25 90 30 30 95 35 35 Boston Over 95 40-50 40-50 New York Philadelphia (5) C R l i e c v h e m la o n n d d 21/2-5 8 Maximum Rates Fin [ a P n e c r i n c g e n I t n p st e i r t u a ti n o n n u m M ] ay Charge Borrower Atlanta 3-51/2 () Chicago 3-51/2 3-5% S M t. i n L n o e u a i p s olis 3 3- - 5 5 14 234 ( - 3 3 ) 14 (4) Interest rate Kansas City Commitment rate. Dallas 2%-5 San Francisco 1/2-I 1 Schedule of fees and rates established by the Board of Governors on 3-51/2 loans made by private financing institutions and guaranteed by Government procurement agencies, pursuant to the Defense Production Act 1 Rates on industrial loans, discounts or purchases of loans, and com- of 1950. Federal Reserve Banks act as fiscal agents of the guaranteeing mitments under Sec. 13b of the Federal Reserve Act. Maturities not agencies in these transactions, and the procedure is governed by Regulaexceeding five years. tion V of the Board]of Governors. 2 Including loans made in participation with financing institutions. 3 Rate charged borrower less commitment rate. * Rate charged borrower. * Rate charged borrower but not to exceed 1 per cent above the discount rate. * Charge of l/i per cent per annum is made on undisbursed portion. 1 Charge of VA per cent per annum is made on undisbursed portion. BANK DEBITS AND DEPOSIT TURNOVER [Debits in millions of dollars] Annual rate of turnover of demand deposits except Debits to demand deposit accounts, interbank and U. S. Government deposits except interbank and U. S. Government accounts Without seasonal adjustment Seasonally adjusted3 Year or month Total, all New 6 337 other New 6 337 other New 6 337 other reporting York other reporting York other reporting York other reporting centers City centersi centers2 City centers i centers2 City centers 1 centers2 1948 1,227,476 443,216 270,912 513,348 26.9 21.6 16.6 1949 1,206 293 446,224 260,897 499,172 27.9 20.9 15.9 1950 1 380 112 509 340 298 564 572,208 31.1 22.6 17.2 1951 1,542,554 544,367 336,885 661,302 31.9 24.0 18.4 1952 1,642 853 597,815 349,904 695,133 34.4 24.1 18.4 1953 .... 1,759,069 632,801 385,831 740,436 36.7 25.6 18.9 1954 1,887,366 738,925 390,066 758,375 42.3 25.8 19.2 1955 2,043,548 766,890 431,651 845,007 42.7 27.3 20.4 1955—Mar 178 924 67 242 39,908 71,774 41.7 30.2 20.0 40.7 27.6 20.1 Apr 158,296 57,634 34,494 66,168 37.3 27.1 19.2 37.9 26.3 19.8 May 167 714 62,211 36,570 68,933 42.7 28.4 20.6 43.8 28.8 21.0 June .... 177,917 67,634 37,569 72,714 44.7 28.3 20.8 41.4 27.7 20.8 July 161 748 58 904 34,123 68,721 40.7 26.6 20.4 41.7 27.1 20.7 Aus 167,343 58,980 35,863 72,499 38.2 25.9 19.9 44.2 28.3 21.2 Sept 168,967 62,550 35,126 71,291 43.5 27.4 21.1 42.4 27.7 20.8 Oct 175 779 67 568 35 803 72,409 44.7 26.5 20.3 46.1 27.3 20.3 Nov 173 190 63,406 36,876 72,908 45.4 29.0 22.0 45.9 28.6 20.9 Dec 200,523 81.027 40,193 79,303 51.3 28.1 21.6 45.4 26.9 20.5 1956—Jan 187,361 69,675 40,718 76,967 45.7 29.5 21.7 45.5 30.1 21.5 Feb 162,105 57,413 35,143 69,549 41.1 27.5 21.0 42.2 28.2 21.1 Mar 189 793 73 214 40 132 76,447 47.2 29.7 20.8 46.0 27.1 20.9 Apr 176,760 65,715 37,763 73,282 45.4 30.1 21.5 46.1 29.2 22.2 May 185,584 69,452 38,766 77,367 46.0 ^28.6 47.2 ^29.0 *22A p Preliminary. 2 338 centers prior to April 1955. 1 Boston, Philadelphia, Chicago, Detroit, San Francisco, and Los 3 These data are compiled by the Federal Reserve Bank of New York. Angeles. NOTE.—For description see BULLETIN for April 1953, pp. 355-357. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CURRENCY 607 DENOMINATIONS OF UNITED STATES CURRENCY IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Total Coin and small denominition currency Large denomination currency End of year or in cirmonth culation1 Total Coin $12 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 24 46 1945 28 515 20,683 ,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 7 24 1947 28,868 20,020 ,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1949 27,600 19,025 ,484 1,066 62 2,004 5,897 8,512 8,578 2,435 5,056 382 689 11 1950 27,741 19,305 ,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1951 29,206 20,530 ,654 1,182 67 2,120 6,329 9,177 8,678 2,544 5,207 355 556 4 12 1952 30,433 21,450 1,750 1,228 71 2,143 6,561 9,696 8,985 2,669 5,447 343 512 4 10 1953 30,781 21,636 1,812 1,249 72 2,119 6,565 9,819 9,146 2,732 5,581 333 486 4 11 1954 .. . 30,509 21,374 1,834 1,256 71 2,098 6,450 9,665 9,136 2,720 5,612 321 464 3 15 1955—Apr 29,769 20,856 1,831 1,202 71 2,020 6,309 9,425 8,914 2,641 5,492 314 454 4 9 May 30,009 21,098 ,843 1,219 71 2,051 6,394 9,520 8,912 2,647 5,489 313 451 3 9 June...... 30,229 21,312 ,858 1,226 72 2,061 6,471 9,625 8,917 2,658 5,487 312 448 3 9 July 30,244 21,351 1,865 [,228 72 2,052 6,466 9,668 8,894 2,652 5,475 310 445 3 9 Aug... . 30,317 21,406 1,878 1,234 72 2,055 6,476 9,692 8,911 2,657 5,489 309 444 3 9 Sept 30,422 21,489 1,887 1,252 72 2,072 6,495 9,711 8,933 2,653 5,518 308 442 4 9 Oct 30,559 21,609 1,900 1,270 72 2,088 6,513 9,767 8,951 2,655 5,538 306 440 4 9 Nov 30,993 21,971 1,922 1,288 73 2,129 6,642 9,917 9,023 2,687 5,579 306 438 3 9 Dec 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1956—Jan 30,228 21,236 1,897 1,239 73 2,049 6,361 9,618 8,992 2,684 5,560 303 433 3 9 Feb 30,163 21,227 1,900 1,231 73 2,042 6,392 9,588 8,936 2,665 5,528 302 430 3 9 Mar 30,339 21,419 1,914 244 73 2,067 6,486 9,635 8,920 2,662 5,518 300 428 3 9 Apr . . 30 210 21,320 241 73 2,053 6,430 9,602 8,890 2,654 5,500 299 425 4 9 1 Outside Treasury and Federal Reserve Banks. Prior to December paper currency shown by denomination by amounts of unassorted cur- 1955 the totals shown as in circulation were less than totals of coin and rency (not shown separately.) 2 Paper currency only; $1 silver coins reported under coin. KINDS OF UNITED STATES CURRENCY OUTSTANDING AND IN CIRCULATION [On basis of compilation by United States Treasury. In millions of dollars] Held in the Treasury Currency in circulation1 Held by Kind of currency T s A t o a p t 1 n a r 9 . l d 5 i o 3 6 n u 0 g , t , - A g s a o s g l s i d a l e v i c n e a u r s n r t d ity Tr c e a a s s h ury B F F a a . n o n R d r k . s B a F g a a . n e n R n d k t . s s Ap 1 r 9 . 5 3 6 0, Ma 1 r 9 . 5 6 31, Ap 1 r 9 . 5 3 5 0, certificates agents Gold 21 743 21,085 2659 Gold certificates 21,085 18,235 2,816 34 34 35 Federal Reserve notes 26,903 74 1,226 25,602 25,734 25,220 Treasury currency—total 5,025 32,420 50 400 4,575 4,571 4,515 Standard silver dollars 489 221 29 5 233 232 221 Silver bullion 2 199 2 199 Silver certificates and Treasury notes of 1890 3 2 4?0 296 2,i24 2,126 2,135 Subsidiary silver coin 1,314 16 57 1,241 1,235 1,183 Minor coin 460 2 10 448 446 428 United States notes 347 2 30 315 315 316 Federal Reserve Bank notes ... 151 1 149 151 165 National Bank notes 65 65 65 67 Total—Apr. 30, 1956 (5) 23,505 783 18 235 4 442 30 210 Mar 31 1956 23,485 111 18,221 4,427 30,339 Apr. 30, 1955 23,435 809 18,170 4,349 29,769 1 Outside Treasury and Federal Reserve Banks. Includes any paper receipt); (3) as security for outstanding silver certificates—silver in bullion currency held outside the continental limits of the United States. Totals and standard silver dollars of a monetary value equal to the face amount for other end-of-month dates are shown in table above; totals for Wednes- of such silver certificates; and (4) as security for gold certificates—gold day dates in table on p. 600. bullion of a value at the legal standard equal to the face amount of 2 Includes $156,039,431 held as reserve against United States notes such gold certificates. Federal Reserve notes are obligations of the and Treasury notes of 1890. United States and a first lien on all the assets of the issuing Federal Reserve 3 To avoid duplication, amount of silver dollars and bullion held as Bank. Federal Reserve notes are secured by the deposit with Federal security against silver certificates and Treasury notes of 1890 outstanding Reserve agents of a like amount of gold certificates or of gold certificates is not included in total Treasury currency outstanding. and such discounted or purchased paper as is eligible under the terms of 4 Less than $500,000. the Federal Reserve Act, or of direct obligations of the United States. 5 Because some of the types of currency shown are held as collateral or Each Federal Reserve Bank must maintain a reserve in gold certificates of reserves against other types, a grand total of all types has no special at least 25 per cent against its Federal Reserve notes in actual circulasignificance and is not shown. See note for explanation of duplications. tion. Gold certificates deposited with Federal Reserve agents as collat- NOTE.—There are maintained in the Treasury—(1) as a reserve for eral, and those deposited with the Treasurer of the United States as a United States notes and Treasury notes of 1890—$156,039,431 in gold redemption fund, are counted as reserve. Gold certificates, as herein bullion; (2) as security for Treasury notes of 1890—an equal dollar amount used, includes credits with the Treasurer of the United States payable in standard silver dollars (these notes are being canceled and retired on in gold certificates. Federal Reserve Bank notes and national bank notes are in process of retirement. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 ALL BANKS CONSOLIDATED CONDITION STATEMENT FOR BANKS AND THE MONETARY SYSTEM i [Figures partly estimated except on call dates. In millions of dollars] Assets Liabilities and Capital Bank credit Total Treas- net- Date Gold s r t o c e u i a u n n u r n r g c y t d - - y - Total Lo n a e n t s, Tot U al . S. G m o C v e a o e r n c m r d n ia - m l ent R F e e o d s b e e l r i r v g a e a l tion O s ther O s ri e t t c h ie u e s - r c l T a i i a n a p t o n i b e i e t d t t i a s a l l - l, c d u e T r a p r o n o e t d s n a i l c t y s C co m a a n a u p n i c e n s i - d t c t t a s . l , savings Banks banks 1929—June 29 4,037 2,019 58,642 41,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30 4,031 2,286 42,148 21,957 10,328 8,199 1,998 131 9,863 48,465 42,029 6,436 1939—Dec. 30 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1,204 9,302 75,171 68,359 6,812 1941_Dec. 31 22,737 3,247 64,653 26,605 29,049 25,511 2,254 1,284 8,999 90,637 82,811 7,826 1945_Dec. 31 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 1947—Dec. 31 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30 22,706 4,636 171,667 60,366 96,560 72,894 20,778 2,888 14,741 199,009 184,384 14,624 1952—Dec. 31 23,187 4,812 192,866 75,484 100,008 72,740 24,697 2,571 17,374 220,865 204,220 16,647 1953—Dec. 31 22,030 4,894 199,791 80,486 100,935 72,610 25,916 2,409 18,370 226,715 209,175 17,538 1954__ D ju e n c e . 3 3 0 1 2 21 1 , , 7 9 1 2 3 7 4 4 , , 9 9 5 8 9 5 2 2 0 1 0 0 , , 6 9 2 8 8 8 8 8 5 1 , , 7 2 3 1 0 0 1 9 0 9 4 , , 8 8 2 1 7 9 7 7 7 2 , ,5 7 2 2 5 8 2 2 4 5 , , 9 0 3 3 2 7 2 2 , , 1 2 5 6 9 5 2 1 0 9 , , 4 5 3 9 9 1 2 2 3 2 7 7 , , 6 5 8 1 6 4 2 2 0 1 9 8 , , 3 8 5 8 4 2 1 1 8 8 , , 1 8 6 0 1 6 1955—Apr. 27 21,700 5,000 209,100 87,900 100,100 74,400 23,600 2,100 21,200 235,800 216,900 18,900 May 25 21,700 5,000 209,100 89,000 99,300 73,700 23,500 2,000 20,900 235,800 216,600 19,200 June 30 21,678 5,002 209,872 91,349 97,572 71,947 23,607 2,018 20,951 236,552 217,595 18,956 July 27 21,700 5,000 211,400 92,000 98,600 72,400 24,100 2,000 20,900 238,100 218,800 19,300 Aug. 31 21,700 5,000 211,100 93,200 96,900 71,200 23,800 2,000 20,900 237,800 218,200 19,600 Sept. 28 21,700 5,000 211,900 94,600 96,400 70,700 23,700 2,000 20,900 238,600 218,800 19,800 Oct. 26 21,700 5,000 214,000 95,800 97,300 71,400 24,000 1,900 20,800 240,700 220,700 20,000 Nov. 30 21,700 5,000 214,400 97,800 96,000 69,800 24,300 1,900 20,600 241,100 221,200 19,900 Dec. 31 21,690 5,008 217,437 100,031 96,736 70,052 24,785 1,899 20,670 244,135 224,943 19,193 1956—Jan. 25 21,700 5,000 214,200 98,900 94,800 69,400 23,500 1,900 20,600 240,900 221,000 19,900 Feb. 29 21,700 5,000 213,100 99,400 93,000 67,600 23,500 1,900 20,700 239,800 219,900 20,000 Mar. 28 21,700 5,000 214,900 101,700 92,500 67,000 23,600 1,900 20,700 241,700 221,600 20,100 Apr. 25 21,700 5,000 214,900 102,600 91,600 66,500 23,300 1,900 20,700 241,700 221,200 20,400 Details of Deposits and Currency U. S. Govt. balances Deposits adjusted and currency Seasonally adjusted series* For- Date p b e o n d a i s e g e n i - t n t k s, T h c i r u o n a e r l g s a y d h s s - - s m b c a a a o A e v n n m r i t d c k n i s g a s l B F. a A n R t k . s Total Total m T b C e i a m o r n c m k e ia s - l de M p s b a o a u v s n t i i k u n ts s g a 2 3 l s S S P a y o v s i s t n t e a g m l s p m o D d s a e e i n - t - d s4 b r C o s e a i n u n u d c t k r e - - y s c a d d u d e e T r j a p m u r o n o e s t a d n s a t n e i l c t d d y s j p m u D o a d s a e s d t e n - e i - - t d d s b r C o e s a n i u u n d c t r k e - - y s 1929—June 29. 365 204 381 36 54,790 28,611 19,557 8,905 149 22,540 3,639 1933—June 30. 50 264 852 35 40,828 21,656 10,849 9,621 1,186 14,411 4,761 1939—Dec. 30. 1,217 2,409 846 634 63,253 27,059 15,258 10,523 1,278 29,793 6,401 1941—Dec. 31. 1,498 2,215 1,895 867 76,336 27,729 15,884 10,532 1,313 38,992 9,615 1945—Dec. 31. 2,141 2,287 24,608 977 150,793 48,452 30,135 15,385 2,932 75,851 26,490 1947—Dec. 31. 1,682 1,336 1,452 870 170,008 56,411 35,249 17,746 3,416 87,121 26,476 111,100 85,200 25,900 1950—Dec. 30. 2,518 1,293 2,989 668 176,916 59,247 36,314 20,009 2,923 92,272 25,398 114,300 89,700 24,600 1952—Dec. 31. 2,501 1,270 5,259 389 194,801 65,799 40,666 22,586 2,547101,508 27,494 124,700 97,800 26,900 1953—Dec. 31. 2,694 761 4,457 346 200,917 70,375 43,659 24,358 2,359 10022,451 28,091 126,700 99,500 27,200 1954_june 30. 3,256 811 5,895 875 198,517 73,292 45,653 25,388 2,251 98,132 27,093 126,700 99,700 27,000 Dec. 31. 3,329 796 4,510 563 209,684 75,282 46,844 26,302 2,136 1"0"6,550 27,852 129,700 102,800 26,900 1955—Apr. 27. 3,100 800 5,000 600 207,400 76,200 47,200 26,900 2,100 104,500 26,700 132,600 105,600 27,000 May 25. 3,200 800 5,500 400 206,700 76,500 47,400 27,100 2,000 103,300 26,800 131,700 104,800 26,900 June 30. 3,247 812 5,418 380 207,738 77,129 47,846 27,277 2,007103,234 27,375 131,900 104,900 27,000 July 27. 3,300 800 6,100 500 208,100 77,100 47,700 27,400 2,000103,900 27,100 132,700 105,500 27,200 Aug. 31. 3,100 800 5,200 400 208,600 77,400 48,000 27,500 2,000103,900 27,300 132,700 105,500 27,200 Sept. 28. 3,200 800 4,500 500 209,700 77,700 48,100 27,700 1,900 104,900 27,200 133,300 106,200 27,100 Oct. 26. 3,200 800 4,900 500 211,300 77,900 48,200 27,800 1,900 106,100 27,300 132,000 104,800 27,200 Nov. 30. 3,200 800 4,500 500 212,200 77,400 47,700 27,800 1,900 106,900 27,900 132,900 105,400 27,500 Dec. 31. 3,167 767 4,038 394 216,577 78,378 48,359 28,129 1,890 109,914 28,285 133,300 105,800 27,500 1956—Jan. 25* 3,100 800 2,300 500 214,400 78,400 48,300 28,300 1,900 108,900 27,100 133,300 106,000 27,300 Feb. 29*> 3,000 800 4,000 600 211,600 78,800 48,500 28,400 1,800 105,600 27,200 132,700 105,400 27,300 Mar. 28*> 3,000 800 6,500 500 210,800 79,300 48,800 28,600 1,800 104,400 27,200 133,100 105,600 27,500 Apr. 25? 3,000 800 4,400 600 212,400 79,300 48,800 28,700 l,800|106,100 27,000 134,400 107,200 27,200 p Preliminary. NOTE.—For description of statement and back figures, see BULLETIN 1 Represents all commercial and savings banks, Federal Reserve Banks, for January 1948, pp. 24-32. The composition of a few items differs Postal Savings System, and Treasury currency funds (the gold account, slightly from the description in the BULLETIN article: stock of Federal Treasury currency account, and Exchange Stabilization Fund). Reserve Banks held by member banks is included in other securities and 2 Excludes interbank time deposits; U. S. Treasurer's time deposits, in capital and miscellaneous accounts, net, and balances of the Postal open account; and deposits of Postal Savings System in banks. Savings System and the Exchange Stabilization Fund with the U. S. 3 Prior to June 30, 1947, includes a small amount of demand deposits. Treasury are netted against capital and miscellaneous accounts, net, 4 Demand deposits other than interbank and U. S. Govt., less cash instead of against U. S. Govt. deposits and Treasury cash. Total deposits items reported as in process of collection. and currency shown in the monthly Chart Book excludes foreign bank de- 5 Seasonally adjusted series begin in 1947 and are available only for posits, net, and Treasury cash. Except on call dates, figures are rounded last Wednesday of the month. For back figures, see BULLETIN for March to nearest $100 million and may not add to the totals. 1955, pp. 252-255, and this table in subsequent issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 609 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES 1 [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— Total Other Cla a s n s d o d f a b t a e nk Total Loans o G U b o l . i v g S t a . . - O se t c h u e - r a C ss a e s t h s2 c b a i a l l p i i n a t i d i t - e a s l Total 2 b In an te k r - 2 Demand c c T o a a o p u c i t n - t a a t l s l b N a b u 0 r < i i f k n- s tions ac- Time counts 3 U.S. Other Govt. All banks: 1939—Dec 30 ... 50,884 22,165 19,417 9,302 23,292 77,068 68,242 9,874 32,516 25,852 8,194 15,035 1941—Dec. 31 61,126 26,615 ?5,511 8,999 27,344 90,908 81 816 1098? 44,155 26 479 8 414 14 876 1945_Dec. 31 140,227 30,362 101,?88 8,577 35,415 177,332 165 612 14,065 105,915 45,613 10,542 551 1947—Dec 314 .. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 13,033 1,346 94,381 53,105 11,948 14,714 1950—Dec. 30 148,021 60,386 7?.894 14,741 41,086 191,317 175 296 14019 ,809 101,916 56 513 13 837 14650 1953—Dec. 31 171,497 80,518 7?,610 18,370 45,811 220,140 201,100 15,957 4,14911?,619 68,354 16,118 14,509 1954—Dec. 31 183,784 85,617 77,7?8 20,439 44,585 231,654 211 115 16 811 4 176 116,617 73 510 17 270 14 167 1955—Apr 27 184,210 88,640 74,390 21,180 40,850 228,550 206,480 14,570 4,610 112,760 74,540 17,490 14,314 June 30 184,253 91,355 71.947 20,951 42,014 229,631 208,850 15,?45 5,081 111,014 75,491 17,663 14,109 Sept. 28 186,810 95,240 70,680 20,890 41,110 231,230 208 710 14 700 4 111,690 76 100 17 910 14 Oct. 26 188,490 96,260 71,410 20,820 41,480 233,340 210 450 14 710 4,510 114,910 76,300 18,090 14,?69 Nov 30 .. 189,100 98,650 69 840 20,610 42,470 235,120 211 860 14 780 4 710 116 980 75 890 18 210 14 764 Dec 31 190,780 100,057 70,052 20,670 47,803 242,008 220,441 16,646 3,712123,239 76,844 18,112 14,243 1956—Jan 25^ 189,530 99,600 69,380 20,550 41,170 234,180 211,040 14,550 2,010 117,600 76,880 18,160 14,250 Feb. 29*> 188,700 100,360 67 640 20,700 41,430 233,720 210 130 14060 640115,140 77 290 18 360 14710 Mar. 28^ 190,510 102,770 67 070 20,720 40,850 234,910 211 140 14,710 6,170 910 77,830 18,410 14, Apr 25^ 190,770 103,570 66,490 20,710 40,750 235,070 211,070 14,220 4,110 114,910 77,830 18,580 14,224 All commercial banks: 1939—Dec 30 ... 40,668 17,238 16,316 7,114 22,474 65,216 57,718 9,874 32,513 15,331 6,885 14,484 1941—Dec. 31 50,746 21,714 ,808 7,225 26,551 79,104 71 283 10 44 149 15 952 7 173 14778 1945—Dec. 31 124,019 26,083 90,606 7,331 34,806 160,312 150 227 14,065 105, 30 241 8 950 14.011 1947—Dec 314... 116,284 38,057 69,221 9,006 37,502 155,377 144,103 13,032 1,343 94,367 35,360 10,059 14,181 1950—Dec. 30 126,675 52,249 62,027 12,399 40,289 168,932 155,265 14,039 ,806101,917 36,503 11,590 14,121 1953—Dec. 31 145,687 67,593 63,4?6 14,668 44,828 193,010 176 702 15,955 4,146 11?,604 43,997 13,559 11,981 1954—Dec 31 155,916 70,619 68.981 16,316 43,559 202.378 184,757 16,809 4,172 116,567 47,209 14,576 13.840 1955—Apr. 27 155,540 72,920 65 630 16,990 39,920 198,540 179 500 14570 4 610 710 47 610 14 770 11786 June 30 155,264 75,183 63 16,809 41,025 199,249 181 516 15, 5,078 11?,981 48 214 14 906 11 781 Sept 28 ... 157,260 78,390 62;o2o 16,850 40,190 200,350 180,990 14,700 4,220113,640 48,430 15,110 13,759 Oct. 26 158,860 79,210 6?,860 16,790 40,590 202,410 182 640 14710 4 510114,860 48 540 15 300 1174? Nov. 30 159,390 81,390 61,170 16,630 41,580 204,100 184 020 14,780 4 116,910 48,100 15,390 11,717 Dec. 31 160,881 82,601 61,59? 16,688 46,838 210,734 192 254 16 641 ^709 187 48,715 15,300 11,716 1956—Jan. 25^ 159,410 81,980 60,900 16,530 40,260 202,730 182,720 14,550 2,010 117?550 48,610 15,340 11,771 Feb. 29P 158 350 82,540 ,170 16,640 40,530 202,040 181 670 14 060 3 640 115^090 48 880 15 510 11 701 Mar. 28" 159,910 84,730 58,540 16,640 39,960 202,980 182 440 14, 6,170117J870 49,190 15,550 707 Apr. 25^ 160,040 85,340 58 060 16,640 39,920 203,070 182,330 220 4J10 860 49,140 15,710 11J697 All member banks: 1939—Dec 30 . 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,410 743 27,489 11,699 5,522 6,362 1941_Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,525 1,709 37,136 12,347 5,886 6,619 1945_Dec. 31 107,183 22,775 78,118 6,070 29,845 138,304 129,670 11,640 ,179 69,640 24,210 7,589 6,884 1947—Dec 31 ... 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,403 1,176 80,609 28,340 8,464 6,923 1950—Dec. 30 107,424 44,705 5?,165 10,355 35,524 144,660 133,089 11,448 87,781 29,336 9,695 6,871 1953—Dec. 31 122,422 57,762 5?,601 12,057 39,381 163,983 150,164 15, 170 1,756 96, 0?4 35,213 11,316 6,741 1954—Dec. 31 .. 131 602 60,250 57,809 13,543 38,076 172,242 157 252 15 981 715 99, 604 37 950 12,210 6 660 1955—Apr 27 . . 131,191 62,329 54,767 14,095 34,979 168,891 152,638 13,853 4,170 96,343 38,272 12,348 6,613 June. 30.... 130,788 64,315 52,543 13,930 36,300 169,686 154,670 14,462 4,656 96,742 38,810 12,461 6,611 Sept. 28 132,277 67,193 51,144 13,940 35,400 170,231 153,725 11910 1,797 97,048 38,950 12,624 6,584 Oct. 26 133,650 67,889 51.897 13,864 35,732 171,983 155,108 11,916 4,109 98, 010 39,033 12,774 6,571 Nov. 30 134,029 69,865 50,483 13,681 36,726 173,507 156,354 000 ,845 99, 794 38,715 12,852 6,559 Dec. 31 135,360 70,982 50,697 13,680 41,416 179,414 163,757 15, 865 3,1?7 105,400 39,165 12,783 6,541 1956—Jan. 25*> 133,999 70,329 50 13,537 35,366 172,055 154 952 11 850 1,691100,160 39,049 12,813 6 540 Feb 29P 133,008 70,812 48,571 13,625 35,697 171,491 154,064 13,384 3,278 98, 136 39,266 12,966 6,525 Mar. 28^ 134,582 72,860 48,084 13,638 35,129 172,455 154 870 11,541 5,670 96, 197 39,512 13,005 6 Apr 25^ 134,643 73,386 47,639 13,618 35,101 172,483 154,715 13,541 3,666 98, 037 39,471 13,134 6,517 All mutual savings banks: 1939—Dec. 30. 10,216 4,927 1,101 2,188 818 11,852 10 524 10,521 1,309 551 1941—Dec 31 10,379 4,901 3,704 1,774 793 11,804 10,533 ... ... 6 10,527 1,241 548 1945_Dec. 31 16,208 4,279 10,68? 1,246 609 17,020 15,385 14 15,371 1,592 54? 1947—Dec 314... 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1950—Dec 30 21 346 8 137 10 868 2 342 797 22,385 20 031 3 19 20 009 2 247 579 1953—Dec. 31 25,810 12,925 9,184 3,701 983 27,130 24,398 1 1 24,358 2,559 5?8 1954—Dec. 31 27,868 14,998 8,748 4,123 1,026 29,276 26,359 1 4 50 26,302 2,694 5?7 1955_Apr. 27 28,670 15,720 8,760 4,190 930 30,010 26 980 (5 50 26,930 2,720 5?8 June 30 28.990 16,172 8,675 4,142 989 0,382 27,334 1 51 27,277 2,757 5?8 Sept. 28 29,550 16,850 8 660 4,040 920 30,880 27,720 (5) (5} 50 27,670 2,820 5?7 Oct 26.... 29,630 17,050 8,550 4,030 890 30,930 27,810 50 27,760 2,790 527 Nov. 30 29,710 17,260 8470 3,980 890 31,020 27,840 ) 50 27,790 2,820 5?7 Dec 31 29,898 17,456 8 460 3,982 965 31,274 28,187 51 28,129 2,812 527 1956—Jan. 25* . . .. 30 120 17,620 8480 4,020 910 31,450 28,320 ) ('> 50 28,270 2,820 577 Feb. 29*> 30,350 17,820 8 470 4,060 900 31,680 28,460 (5) ('. 50 28,410 2,850 5?7 A M p a r r 2 2 8 5 P p. 3 30 0 , , 7 6 3 0 0 0 1 1 8 8 , , 0 2 4 3 0 0 8 8 4 4 8 3 0 0 4 4 , , 0 0 8 7 0 0 8 8 9 3 0 0 3 3 1 2 , , 9 0 3 0 0 0 2 2 8 8 , , 7 7 4 0 0 0 (>) (') ) 6 5 0 0 2 2 8 8 , , 6 6 4 9 0 0 2 2 , , 8 8 6 7 0 0 5 5 2 2 7 7 r Preliminary. asset and liability data are not available. Comparability of figures for 1 All banks in the United States. All banks comprise all commercial classes of banks is affected somewhat by changes in Federal Reserve banks and all mutual savings banks. All commercial banks comprise membership, insurance status, and the reserve classifications of cities all nonmember commercial banks and all member banks including one and individual banks, and by mergers, etc. bank in Alaska that became a member bank on Apr. 15, 1954, and a 2 Beginning June 30, 1942, excludes reciprocal balances, which on noninsured State member nondeposit trust company, but excluding three Dec. 31, 1942, aggregated $513 million at all member banks and $525 mutual savings banks that became members in 1941. Stock savings million at all insured commercial banks. banks and nondeposit trust companies are included with commercial 3 Includes other assets and liabilities not shown separately. banks. Number of banks includes a few noninsured banks for which For other footnotes see following two pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 ALL BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES i—Continued [Figures partly estimated except on call dates. Amounts in millions of dollars] Loans and investments Deposits Total assets— T l o i t a a - l Other Total Num- Cla a s n s d o d f a b te ank Total Loans o G U t b i o l o . i v n g S s t a . . - O s r e i t t c h i u e e s - r a C ss a e s t h s 2 c b a i a a l p i n c t i d - i t e a s l Total* b In a t n e k r - 2 Demand Time c c a o a p u c i n - ta ts l ba b o n e f r ki counts3 U.S. Other Govt. Central reserve city member banks: New York City: 1939 Dec. 30 9,339 3,296 4 772 1 272 6,703 16,413 14,507 4,238 74 9,459 736 1,592 36 1941—Dec. 31 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,207 866 12,051 807 1,648 36 1945 Dec 31... 26 143 7 334 17 574 1 235 6,439 32,887 30,121 4,657 6,940 17,287 1,236 2,120 37 1947_Dec. 31 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,464 267 19,040 1,445 2,259 37 1950—Dec. 30 20,612 9,729 8,993 1,890 7,922 28,954 25,646 4,638 451 18,836 1,722 2,351 23 1953—Dec. 31 22,058 12,289 7,765 2,004 8,074 30,684 27,037 5,214 778 18,894 2,150 2,572 22 1954 Dec. 31 23,880 12,039 9 342 2 499 7,581 32,193 28,252 5,709 736 19,414 2 392 2,803 21 1955—Apr. 27 23,717 12,977 8,281 2 459 6,673 31,179 27,103 5,136 1,160 18,496 2,311 2,697 18 June 30 23,099 13,016 7,782 2,300 7,748 31,559 27,791 5,454 1,131 18,926 2,281 2,715 18 Sept 28 22,852 13,716 6,782 2 354 7,104 30,631 26,495 5,097 696 18,446 2,256 2,722 18 Oct. 26 23,142 13,868 7,015 2 259 7,022 30,850 26,737 5,048 1,060 18,358 2,271 2,734 18 Nov. 30 23,212 14,536 6,546 2,130 7,591 31,568 27,229 5,166 879 18,888 2,296 2,759 18 Dec. 31 23,583 14,640 6,796 2 148 8,948 33,228 29,378 5,600 756 20,719 2,303 2,745 18 1956—Jan. 25* 22,945 14,134 6,671 2 140 6,789 30,477 25,965 5,020 215 18,465 2,265 2,749 18 Feb 29?... 22 750 14 392 6 140 2 218 7,215 30,730 26,317 4,934 690 18,402 2 291 2,794 18 Mar 28* 23 563 15,382 5 976 2 205 7,076 31,372 26 951 4,958 1,401 18 210 2 382 2,783 18 Apr 25* 23,201 15,099 6 027 2 075 6,862 30,773 26,499 4,929 805 18,456 2,309 2,793 IS Chicago: 1939—Dec. 30 2,105 569 1,203 333 1.446 3,595 3,330 888 80 1,867 495 250 14 1941_Dec. 31 2,760 954 1,430 376 ,566 4,363 4,057 1.035 127 2,419 476 288 13 1945 Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947_Dec. 31 5,088 1,801 2,890 397 ,739 6,866 6,402 ,217 72 4,201 913 426 14 1950 Dec. 30 5,569 2,083 2,911 576 1,034 7,649 7,109 1,229 174 4,604 1,103 490 13 1953—Dec. 31 6,204 2,776 2,856 572 2,115 8,366 7,724 ,387 259 4,837 1,242 566 13 1954—Dec. 31 6,518 2,784 3,120 614 ,954 8,520 7,845 1,321 251 4,977 1,295 600 13 1955 Apr 27 6 194 2 645 2 861 688 ,894 8,144 7,374 ,155 256 4,670 [ 293 602 13. June 30 6,288 2,846 2,742 699 ,763 8,102 7,431 ,180 343 4,606 1,303 612 13 Sept. 28 6,202 2,950 2,543 709 ,889 8,140 7,345 1,218 241 4,590 1,796 616 13 Oct 26 6,264 2,977 2 581 706 1,930 8,247 7,387 ,200 251 4,635 1,301 619 13 Nov. 30 6,210 3,079 2,430 701 ,956 8,222 7,453 ,156 254 4,745 1,298 628 13 Dec 31 6 542 3 342 2,506 695 2,132 8,720 8,010 ,296 222 5,165 1,327 628 13> 1956—Jan. 25" 6,435 3,239 2,535 661 ,985 8,469 7,749 L144 74 5,230 1,301 626 13 Feb 29* 6 237 3 097 2 472 668 1,953 8,245 7,397 1,160 216 4,731 I 290 631 13 Mar. 28* 6,446 3,223 2 545 678 1,785 8,282 7,202 1,236 420 4,284 .262 631 13 Apr. 25* 6,325 3,383 2,242 700 .850 8,227 7,208 1,129 228 4,572 1,279 631 13 RMerre city member banks: 1939 Dec. 30... . 12,272 5,329 5,194 1,749 6,785 19,687 17,741 3,686 435 9,004 4,616 1,828 346 1941_Dec. 31 15 347 7 105 6 467 1 776 8,518 24,430 22,313 4,460 491 12,557 4,806 1,967 351 1945—Dec. 31 40,108 8 514 29 552 2 042 11,286 51,898 49,085 6,448 8,221 24,655 9,760 2,566 359» 1947 Dec. 31... 36,040 13,449 20,196 2^396 13,066 49,659 46,467 5,649 405 28,990 11,423 2,844 353 1950—Dec. 30 40,685 17,906 19,084 3 695 13,998 55,369 51,437 6,448 976 32,366 11,647 3,322 336 1953 Dec. 31 46 755 22 763 19 559 4 434 15 925 63,547 58,663 7,254 1,504 35,773 14,132 3,984 319 1954—Dec. 31 50,738 23,986 21,718 5 034 15,424 67,165 61,796 7,444 1.457 37,418 15,476 4,300 300 1955—Apr. 27 50,807 24,758 20,730 5,319 14,458 66,317 60,233 6,346 ,520 36,635 15,732 4,434 297 June 30 50,596 25,654 19,697 5 245 14.696 66,293 60,854 6,545 ,843 36,459 16,007 4,492 297 Sept. 28 51,306 27 041 19 137 5 128 14,430 66,765 60,582 6,383 ,522 36,698 15,979 4,571 297 Oct. 26 51,986 27,334 19,526 5 126 14,757 67,782 61,350 6,420 ,477 37,386 16,067 4,625 295 Nov. 30 52 054 28 114 18 892 5 048 15 098 68,214 61,685 6,390 ,551 37,757 15,987 4,650 294 Dec 31.. 52,459 28,622 18,826 5*011 16,994 70,478 64,733 7,446 .288 39,835 16,164 4,641 292 1956—Jan. 25* 52,058 28,519 18,603 4 936 14,581 67,687 61,299 6,365 '509 38,326 16,099 4,656 293 Feb. 29* 51 600 28 719 17 989 4 892 14,657 67,358 60,756 6,042 1,335 37,208 16,171 4,722 291 Mar. 28* 52,104 29,350 17 837 4 917 14,431 67,640 61,144 6,121 2,280 36,528 16,215 4,759 291 Apr. 25* 52,410 29,753 17,694 4,963 14,578 68,107 61,266 6,236 1,407 37,421 16,202 4,822 290' Country member banks: 1939—Dec. 30 10,224 4,768 3,159 2,297 4,848 15,666 13,762 598 154 7,158 5,852 1,851 5,966 1941_Dec. 31 12,518 5 890 4 377 2 250 6,402 19,466 17,415 822 225 10,109 6,258 1,982 6,219 1945 Dec. 31.. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,223 5,465 24,235 12,494 2,525 6,476 1947—Dec. 31 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1.071 432 28,378 14,560 2,934 6,519 1950—Dec. 30 40,558 14 988 21 377 4 193 11,571 52,689 48,897 1,133 922 31,977 14,865 3,532 6,501 1953—Dec. 31 47,404 19,934 22,423 5 047 13,268 61,385 56,740 1,315 1,216 36,520 17,690 4,194 6,389 1954—Dec. 31 50,466 21,442 23,629 5,395 13,117 64,364 59,360 1,508 1,271 37,794 18,787 4,506 6,326 1955_Apr. 27 50,473 21,949 22,895 5,629 11,954 63,251 57,928 1,216 ,234 36,542 18,936 4,615 6,285 June 30 50,806 22,799 22 321 5 685 12,092 63,732 58,594 1,283 1,339 36,751 19,220 4,642 6,283 Sept. 28 51,917 23,486 22 682 5 749 11,977 64,695 59,303 1,232 1,338 37,314 19,419 4,715 6,256 Oct. 26 52,258 23,710 22,775 5 773 12,023 65,104 59,634 1,268 1,321 37,651 19,394 4,796 6,245 Nov. 30 52 553 24 136 22 615 5 802 12 081 65 503 59,987 1,288 1,161 38,404 19,134 4,815 6,234 Dec 31... . 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,523 1,061 39,681 19,372 4,769 6,220 1956—Jan. 25* 52,561 24,437 22,324 5,800 12,011 65,422 59,939 1,321 895 38,339 19,384 4,782 6,216 Feb. 29* 52,421 24,604 21,970 5,847 11,872 65,158 59,594 1,248 1,037 37,795 19,514 4,819 6,203 Mar. 28* 52,469 24,905 21 726 5 838 11,837 65,161 59,573 1,226 1.519 37,175 19,653 4,832 6,199 Apr. 25*. 52,707 25,151 21,676 5,880 11,811 65,376 59,742 1 247 1,226 37,588 19,681 4,888 6,196 4 Beginning with Dec. 31, 1947, the all-bank series was revised as an- 8 banks with total loans and investments of $34 million were transferred nounced in November 1947 by the Federal bank supervisory agencies. from noninsured mutual savings to nonmember commercial banks. At that time a net of 115 noninsured nonmember commercial banks 5 Less than $5 million. with total loans and investments of about $110 million was added, and For other footnotes see preceding and opposite pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS 611 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER OF ALL BANKS, BY CLASSES *—Continued [Amounts in millions of dollars] Loans andinvestments Deposits Total assets— Total Other Cla a s n s d o d f a b t a e nk Total Loans o G U b o l . i S v g . t a . - O se t c h u e - r a C ss a e s t h s2 c b a i a l l p i n i a t i d i t - e a s l Total2 b In a t n e k r- 2 Demand c c T a o a o p u c t i n - a ta t l s l N b« Ij i u o n e m f r k - s tions rities ac- Time counts 3 U.S. Other Govt. All insured commercial banks: 1941_Dec. 31 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 6,844 rt,4?Q 1945_Dec. 31 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 8,671 r 1947—Dec. 31 . 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,670 1,325 92,975 34,882 9,734 I:)',39S 1953—Dec. 31 143,796 67,082 62,381 14,333 44,398 190,638 174,697 15,548 4,116 111,423 43,610 13,239 r1,41? 1954—Dec. 31 154,115 70,127 68,012 15,976 43,161 200,127 182,886 16,376 4,154 115,482 46,874 14,252 rt.3O3 1955 June 30 . 153,488 74,692 62,342 16,454 40,685 197,077 179,728 14,794 5,064 111,993 47,876 14,579 I:J,267 Dec. 31 159,164 82,081 60,765 16,318 46,480 208,608 190,512 16,273 3,697 122,149 48 393 14,980 r ,216 National member banks: 1941_Dec. 31 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 3,640 5,117 1945_Dec. 31 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9,229 14,013 45,473 16,224 4,644 *>,017 1947—Dec. 31... 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,410 795 53,541 19,278 5,409 -5,005 1953—Dec. 31 81,913 37,831 35,482 8,600 26,479 109,804 100,654 10,152 2,525 63,819 24,160 7,391 1,856 1954—Dec. 31 88,509 39,712 39,392 9,405 25,662 115,835 105,851 10,714 2,508 66,426 26,202 8,085 I 789 1955_ D ju e n c e . 3 3 0 1 . . . . . 8 8 6 3 , , 1 3 5 1 2 5 4 3 3 9 , , 4 4 2 2 8 4 3 3 3 4 , , 5 6 7 7 9 3 9 9 , , 1 2 4 1 4 9 2 25 2 , , 6 8 9 9 7 2 1 1 1 0 3 7 , , 4 7 1 4 2 1 1 9 0 8 3 , , 6 9 3 0 6 3 9 8 , , 3 3 1 1 7 4 2 2 ,8 0 4 6 9 3 6 6 5 0 , , 8 9 4 1 0 9 2 2 6 6 ,5 6 5 8 4 3 7 7 , , 9 7 1 1 5 4 4 4^ 6 7 9 4 2 4 State member banks: 1941_Dec. 31 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 2,246 1,50? 1945—Dec. 31 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 2,945 .867 1947_Dec. 31 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,993 381 27,068 9,062 3,055 ,918 1953—Dec. 31 40,509 19,931 17,121 3,457 12,903 54,179 49,510 5,019 1,232 32,206 11,054 3,925 .887 1954—Dec. 31. .. 43,093 20,538 18,417 4,138 12,414 56 407 51,401 5 269 1 207 33 177 11 748 4 125 871 1955__June 30 47,473 24,891 17,870 4,711 13,408 61,945 56,034 6,148 1,807 35,823 12,256 4,747 ,867 Dec. 31 49,208 27,554 17,118 4,536 15,719 66,002 59,854 6,549 1,264 39,559 12,482 4,868 Ensured nonmember commercial banks: 1941_Dec. 31 5,776 3,241 1,509 1,025 2,668 8 708 7,702 129 53 4,162 3,360 959 6.810 1945_Dec. 31 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5,680 1,083 (>.416 1947_Dec. 31... 16,444 4,958 10,039 1,448 4,083 20 691 19,340 266 149 12 366 6 558 1 271 (S 478 1953—Dec. 31 21,396 9,328 9,790 2,278 5,020 26 679 24,555 378 360 15,398 8,419 1,925 (S.67? 1954—Dec. 31 22,536 9,886 10,215 2,436 5,088 27,911 25,657 393 439 15,879 8,947 2,044 (>.647 1955—June 30... 22,723 10,385 9,811 2,527 4,388 27 417 25,082 332 408 15 251 9 090 2 121 (S.660 Dec. 31 23,829 11,108 10,081 2,640 5,067 29 220 26,779 408 370 16,749 9 252 2,199 ( Noninsured nonmember commercial banks: 1941—Dec. 31... 1,457 455 761 241 763 2,283 1,872 329 1,291 253 329 852 1945-—Dec. 31 2,211 318 1,693 200 514 2 768 2,452 181 1905 365 279 714 1947—Dec. 314 2,009 474 1,280 255 576 2 643 2,251 363 18 1,392 478 325 783 1953—Dec. 31... 1,891 511 1,045 335 430 2 372 2,005 407 30 1,182 386 320 569 1954—Dec. 31 1,800 492 969 339 397 2 250 1,871 433 18 1,085 335 324 536 1955___ D jU e n c e . 3 3 1 0.. 1 1 , , 7 7 1 7 6 6 4 5 9 2 1 0 9 82 3 7 0 3 3 7 5 0 5 3 3 5 4 7 0 2 2 ,1 1 7 2 2 6 1 1 , ,7 7 8 4 8 2 4 3 4 7 8 0 1 1 2 3 1,0 9 3 9 9 0 3 3 2 3 2 7 3 3 2 2 0 7 4 5 9 1 9 3 All nonmember commercial banks: 1941_Dec. 31 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 1,288 7,661 1945—Dec. 31 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14 101 6,045 1,362 7 130 1947—Dec. 314 18,454 5,432 11,318 1,703 4,659 23,334 21,591 629 167 13,758 7,036 1,596 1953—Dec. 31 23,287 9,838 10,835 2,613 5,450 29,051 26,560 784 390 16,580 8,806 2,245 7 241 1954—Dec. 31 24,337 10,378 11,184 2,775 5,485 30,161 27,528 825 457 16,964 9,282 2,368 7,183 1955_June 30 24,499 10,876 10,741 2,881 4,728 29,589 26,870 780 422 16,241 9,427 2,448 7 173 Dec. 31. . 25,546 11,628 10,908 3,010 5,424 31,347 28,522 778 382 17,788 9,574 2,519 Insured mutual savings banks: 1941 Dec 31.. 1,693 642 629 421 151 1,958 1,789 1 789 164 52 1945—Dec. 31 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1,034 19? 1947—Dec 31.. 12,683 3,560 8,165 958 675 13,499 12,207 1 2 12 12,192 1,252 194 1953—Dec. 31 19,252 10,016 6,476 2,760 799 20,334 18,383 2 2 33 18,345 1,819 1954—Dec. 31 20,830 11,651 6,117 3,062 832 21,981 19,885 3 3 48 19,831 1,920 218 1955_June 30 21,617 12,567 5,998 3,052 808 22,761 20,590 2 2 49 20,536 1,965 Dec. 31 22,331 13,563 5,858 2,910 785 23,458 21,237 3 3 49 21,182 2,006 220 Noninsured mutual savings banks: 1941—Dec. 31 8,687 4,259 3,075 1,353 642 9,846 8,744 > 8,738 1,077 496 1945—Dec 31 5 361 1 198 3 522 641 180 5,596 5 022 5 020 558 350 1947 Dec 314 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 1953—Dec. 31 6,558 2,910 2,707 941 184 6,796 6,015 1 2 6 013 740 309 1954—Dec. 31 7,038 3,346 2,630 1,061 194 7,295 6,474 1 2 6,471 774 109 1955 June 30.. 7,373 3,605 2,677 1,090 180 7,621 6,743 1 2 6,741 792 310 Dec. 31 7,567 3,893 2,601 1,072 180 7,816 6,950 1 2 6,947 806 307 For other footnotes see preceding two pages. NOTE.—For revisions in series prior to June 30, 1947, see BULLETIN for July 1947, pp. 870-871. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 COMMERCIAL BANKS LOANS AND INVESTMENTS OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Loans2 Investments Com- Loans for U. S. Government obligations Oblimer- purchasing ga- Cla c s a s l a l o n d f d a b te ank i m T l n o a v o e n a e n t n d a s t s t l s - Total2 c o m c p i p k l i p i n u n a e a a e e g d - r r - l t n , - - A c tu u a g r l l r - - i- b o d a T e e r s r e n o e r r o a s s d c c k l a u - - r r r it y o i T e i t e r n h o s s g - l R o ta a e t n a e l s O l u v o i d t t a i n a o h i d - l n - e s - s r O lo t a h n e s r Total Total Bills C o d c n e e f a e e r d t b t i s e i - n t s f D s - i - - ire N c o t tes Bonds G t a e u n e a - d r- S p s t d s a i i i t o u c i o o o a n v l b a t f n n i d i e - l t s - s - s O s r e i t t h c i e u e r s - All commercial banks: 3 1947_Dec. 31...,116,28438,05718,167 ,660 8301,220 9,393 5,7231,063 78,22669,2212,193 7,789 6,034 53,191 5,,276 3,729 1953—Dec. 31...145,68767,59327,204 4^,9652,3611,202 16,694 14,4611,666 78,09463,4265,00410,23712,43935,713 10,8213,847 1954_Dec. 31...155,91670,61926,867 51200 "2,9291,525 18,418 '1 4' 17"5"0 2,000 85,29768,9815,065 5,36114,672 4'3",861 12,586 3",729 1955_ D j e u c ne . 3 3 0 1 . . . .. . ,1 1 6 5 0 5 , , 8 2 8 6 1 4 8 7 2 5 , , 6 1 0 8 1 32 3 8 3, , 2 8 4 7 5 2 4 4 , , 4 39 7 1 5 2 3", , 2 8 6 5 3 9 1 1 , , 7 6 7 1 4 3 2" 1 0, 9 8 ,7 0 7 9 9 1 1 7 6 , , 1 3 8 6 5 52 3, , 1 4 1 2 7 8 7 8 8 0 , , 2 0 8 8 0 1 6 63 1 , , 2 5 7 9 1 24 3 , , 2 2 1 2 9 0 2 1 , , 3 7 1 1 8 0 1 1 4 6 , , 0 6 3 4 4 0 4 4 1 1 , , 0 6 1 8 0 5 1 1 2 2 , , 6 78 9 5 8 3 4 , , 9 0 9 25 0 All insured commercial banks: 1941—Dec. 31.... 49,29021,259 9,2141,450 614 662 4,773 4,545 28,03121,046 988 3,15912,797 ,102 3,651 3,333 1945_Dec. 31.... 121,80925,765 9,461 314 3,164 3,606 4,677 2,361 1,181 96,04388,9122,45519,07116,045 5"1,321 22 3,8733,258 1947_Dec. 31.... 114,27437,58318,0121,610 8231,190 9,266 5,654 ;028 76,69167,9412,124 7,552 5,918 52,334 14 5,1293,621 1953—Dec. 31.... 143,79667,08227,082 44,8672,3441,18116,56614,3731,629 76,71462,3814,89510,07612,283 35,093 3310,5873,746 1954_Dec. 31.... 154,11570,12726,7315,108 2,'9O71,50118,30214,676 ' 973 83,98868,0124,901 5,27914, ,287 2112,352 3,624 1955—June 30.... 153,48874,69228,729 4,3192,8341,58919,66116,283 2,400 78,79662,3422,996 1,66716,479 41,185 1512,5493,906 Dec. 31.... 159,16482,08133,092 4,3963,229 742 20,69217,104 3,09177,08360,7654,105 2,29213,856 40,502 1012,4653,853 Member banks, total: 1941—Dec. 31.... 43,521 18,021 8,671 972 594 598 3,494 3,692 25,50019,539 971 3,00711,729 ,832 3,090 2,871 1945_Dec. 31....107,18322,775 8,949 8553,1333,378 3,455 1,900 1,10484,40878,3382,27516,985 14,27144,792 16 3,254 ,815 1947_Dec. 31.... 97,84632,62816,9621,046 811 ,065 7,130 4,662 95265,21857,9141,987 5,816 4,815 45",286 10 4,1993,105 1953—Dec. 31....122,42257,76225,519 3",2632,321 ,06013,020 11,9111,518 64,66052,6034,095 8,28710,300 29,890 31 8,8713,185 1954—Dec. 31....131,60260,25025,007 3,5292,881 ,36314,43312,127' 858 71,35257,8094,075 4,30712,464 36,944 2010,449-,094 1955—June 30....130,78864,31526, ,7992,808 ,44015,59413,489 2; 66,47352,5432,377 1,281 13, ,903 1310,584 ,346 Dec. 31....135,36070,98231,019 2,726 3",150 ,56016,39114,313 2,943 64,37750,6973,250 1,738 11,508 34,192 910,444 3,236 New York City:* 1941_Dec. 31.... 12,896 4,072 2,807 412 169 123 554 8,823 7,265 311 1,623 3,652 ,679 729 830 1945—Dec. 31.... 26,143 7,334 3,044 2,453 ,172 80 287 29818,80917,574 477 3,433 3,32510,337 1 606 629 1947_Dec. 31.... 20,393 7,179 5,361 545 267 111 564 33013,21411,9721,002 640 558 9,771 638 604 1953—Dec. 31.... 22,058 12,289 8,218 126 1,667 320 383 1,294 475 9,769 7,765 924 1,104 1,130 4,605 1,365 639 1954_Dec. 31.... 23,880 12,039 7,231 204 2,041 432 467 1,232 64411,841 9,342 785 597 1,924 6,026 1,977 523 1955—June 30.... 23,099 13,016 7,928 16 2,034 466 656 1,379 754 10,083 7,782 537 146 1,830 5,262 1,754 547 Dec. 31.... 23,583 14,640 9,126 17 2,144 511 577 1,506 1,006 8,943 6,796 552 100 1,141 5,002 1,609 539 Chicago:* 1941—Dec. 31.... 2,760 954 732 6 48 52 22 95 1,806 1,430 256 153 903 119 182 193 1945—Dec. 31..., 5,931 1,333 760 2 211 233 36 51 40 4,598 4,213 133 1,467 749 1,864 181 204 1947—Dec. 31..., 5,088 1,801 1,418 3 73 87 46 149 26 3,287 2,890 132 235 248 2,274 213 185 1953—Dec. 31.... 6,204 2,776 1,912 158 286 75 70 234 96 3,428 2,856 123 450 684 1,598 400 172 1954_Dec. 31.... 6,518 2,784 1,847 140 345 89 91 223 105 3,734 3,120 70 241 855 1,953 415 199 1955—June 30.... 6,288 2,846 1,940 102 270 88 122 244 139 3,441 2,742 76 66 812 1,788 456 243 Dec. 31.... 6,542 3,342 2,390 15 275 99 128 316 184 3,200 2,506 111 68 604 1,723 476 219 Reserve city banks, 1941—Dec. 31.... 15,347 7,105 3,456 300 114 194 1,527 1,512 8,243 6,467 295 751 4,248 1,173 956 820 1945_Dec. 31.... 40,108 8,514 3,661 205 4271,503 1,459 855 40431,59429,552 ,034 6,982 5,65315,878 5 1,126 916 1947—Dec. 31.... 36,04013,449 7,088 225 170 484 3,147 1,969 36622,59120,196 373 2,358 1,90115,560 3 1,342 1,053 1953—Dec. 31.... 46,75522,76310,568 774 308 456 5,453 4,942 61123,99319,5591,230 3,357 4,201 10,746 25 3,196 1,238 1954_Dec. 31.... 50,73823,98610,624 956 407 622 6,134 4,912 72026,75221,7181,326 1,695 4,95413,736 7 3,782 1,252 1955—June 30.... 50,59625,65411,210 700 444 651 6,603 5,500 95424,94219,697 503 481 5,77312,937 3 3,916 1,330 Dec. 31.... 52,45928,62213,212 566 542 696 6,962 5,916 1,18023,83718,826 813 657 4,70812,643 5 3,778 1,233 Country banks: 1941—Dec. 31.... 12,518 5,890 1,676 659 20 183 1,823 1,530 6,628 4,377 110 481 2,926 861 1,222 1,028 1945_Dec. 31.... 35,002 5,596 1,484 648 42 471 1,881 707 363 29,40726,999 630 5,102 4,54416,713 9 1,342 1,067 1947_Dec. 31.... 36,32410,199 3,096 818 23 227 3,827 1,979 26,12522,857 480 2,583 2,10817,681 6 2,006 1,262 1953—Dec. 31.... 47,40419,934 4;822 2,204 59 210 7,114 5,441 27,47022,4231,819 3,374 4,28512,940 5 3,911 1,136 1954—Dec. 31.... 50,46621,442 5,306 2,229 89 220 7,742 5,760 388 29,02423,6291,893 1,774 4,731 15,228 3 4,275 1,120 1955—June 30.... 50,80622,799 5,815 1,980 61 234 8,214 6,366 28,00622,3211,261 587 5,55414,916 3 4,458 1,227 Dec. 31.... 52,77524,379 6,290 2,127 189 255 8,723 6,575 28,39722,5701,774 913 5,05614,825 3 4,581 1,246 All nonmember banks: 3 1947_Dec. 31.... 18,454 5,432 1,205 614 20 156 2,266 1,061 11113,02111,318 206 1,973 1,219 7,916 1,078 625 1953—Dec. 31.... 23,287 9,838 1,685 1,702 40 142 3,681 2,551 14813,44910,835 909 1,951 2,139 5,834 1,951 662 1954—Dec. 31.... 24,33710,378 1,859 1,671 49 161 3,993 2,623 14313,95911,184 991 1,054 2,209 6,928 2,139 636 1955—June 30.... 24,49910,876 1,979 1,592 51 173 4,194 2,875 14313,62210,741 843 429 2,672 6,794j 2,203 679 Dec. 31.... 25,54611,628 2,226 ,750 113 214 4,428 2,872 17413,91810,908 970 580 2,527 6,829 2,255 755 1A11 commercial banks in the United States. These figures exclude Reserve membership, insurance status, and the reserve classifications of data for banks in U. S. possessions except for one bank in Alaska that cities and individual banks, and by mergers, etc. became a member bank on Apr. 15, 1954. During 1941 three mutual ^Beginning June 30, 1948, figures for various loin items are shown savings banks became members of the Federal Reserve System; these gross (i. e., before deduction of valuation reserves); they do not add to the banks are included in member banks but are not included in all total and are not entirely comparable with prior figures. Total loans insured commercial banks or all commercial banks. Comparability continue to be shown net. of figures for classes of banks is affected somewhat by changes in Federal For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL BANKS 613 RESERVES AND LIABILITIES OF COMMERCIAL BANKS, BY CLASSES 1 [In millions of dollars] Demand deposits Time deposits Cla c s a s l a l o n d f d a b te ank F B s e s w e R . e d a rr r i ve n e e t v - r e - h k e a s s l v C a i a n u s l h t b m a w a B d n e n a o i c s t k l e - t h - i s s c 5 j p m u D o d s a a t d s e e e n i - - - d t d s 6 m D e I s n d o t t - e i e c p r 5 o b s a i n F t e s i k o g r n - G U o .S v . t. p v s S o i u a t l s i a b n i t o t d i d e c n i s a - s l c C c h o a f e e e i f e n t e f r r c c d i t s d . - k i ' - s, p a v n s a p i I t d h i d r n o o t u i d r n p c n a a i e o s s - l - , r s r - - , I b n a t n er k - P U G S i a o n . a n o s g v d S v t s - a t . l . v S p s i a i u t o s c a n i b l a o t i d d e l t n - s i s - p a v n s a p i t I h d i r d n o o t i u d r n c p n a a i o e s s - l - , r r s - - , J 1 B m * °w BS - co I u T nts All commercial banks:3 1947_Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1953—Dec. 31.... 19,995 2,512 12,103102,452 13,444 1,344 4,146 9,546 2,996 100,062 1,167 338 1,944 41,714 62 13,559 1954_Dec. 31.... 18,734 2,469 12,202106,540 13,511 1,539 4,172 9,902 3,199 103,466 1,759 365 2,402 44,441 31 14,576 1955_june 30.... 17,941 2,681 10,529103,221 11,906 ,577 5,078 10,278 3,154 99,550 1,759 368 2,435 45,410 150 14,906 Dec. 31.... 18,721 2,682 12,050109,905 13,512 ,546 3,709 10,273 3,904 109,011 1,585 356 2,340 46,019 159 15,300 All insured commercial banks: 1941_Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 2.15 8,671 1947_Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1953—Dec. 31.... 19,995 2,482 11,724101,289 13,221 1,296 4,116 9,407 2,978 99,038 1,031 338 1,891 41,381 54 13,239 1954—Dec. 31.... 18,734 2,444 11,854105,471 13,392 1,497 4,154 9,763 3,176 102,543 1,487 365 2,348 44,160 21 14,252 1955—June 30.... 17,941 2,655 10,241102,247 11,801 1,534 5,064 10,150 3,131 98,712 1,459 368 2,374 45,135 137 14,579 Dec. 31.... 18,721 2,656 11,744108,887 13,390 [,516 3,697 10,138 3,879 108,131 1,367 356 2,282 45,756 145 14,980 Member banks, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945-Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 108 7,589 1947_Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1953—Dec. 31.... 19,997 1,870 7,554 86,127 12,858 1,291 3,756 7,530 2,783 85,711 1,021 308 1,595 33,311 43 11,316 1954—Dec. 31.... 18,735 1,843 7,613 89,836 13,015 1,493 3,715 7,781 2,964 88,859 1,475 334 1,966 35,650 15 12,210 1955—June 30.... 17,942 2,017 6,704 87,207 11,482 L .5314,656 8,117 2,919 85,706 1,449 338 1,968 36,504 115 12,461 Dec. 31.... 18,722 2,019 7,612 92,435 13,002 1,511 3,327 8,075 3,638 93,687 1,353 327 1,865 36,972 137 12,783 New York City:* 1941 Dec. 31.... 5 105 93 141 10,761 3,595 607 866 319 450 11 282 6 29 778 1 648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1953—Dec. 31.... 4,846 129 70 15,901 3,363 1,021 778 315 1,071 17,509 831 53 139 1,958 23 2,572 1954—Dec. 31.... 4,398 126 67 16,500 3,336 1,177 736 368 1,223 17,823 1,196 54 192 2,146 1 2,803 1955—June 30.... 4,399 138 87 15,859 3,129 1,187 1,131 374 1,252 17,300 1,137 57 110 2.114 10 2.715 Dec. 31.... 4,431 127 111 16,493 3,364 1,151 756 302 1,498 18,919 1,085 59 72 2,171 1 2,745 Chicago:* 1941 Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 .. 288 1945 Dec 31 942 36 200 3 153 1,292 20 1,552 237 66 3 160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 ...... 2 9 902 ,. 426 1953 -Dec. 31.... 1,287 34 166 4,211 1,339 39 259 272 64 4,500 9 3 10 1,229 .. 566 1954—Dec. 31.... 1,177 29 162 4,400 1,264 40 251 274 80 4,622 18 6 10 1,280 .. 600 1955—June 30.... 1,021 28 127 4,024 1.125 39 343 288 79 4,238 16 6 10 1,287 .. 612 Dec. 31.... 1,135 32 141 4,349 i;246 40 222 299 85 4,781 11 6 8 1,313 3 628 Reserve city banks: 1941 -Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 .. .. 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1953—Dec. 31.... 8,084 568 2,463 30,986 6,869 219 1,504 2,880 828 32,065 166 98 830 13,203 3,984 1954--Dec. 31.... 7,783 558 2,327 32,694 6,946 259 1,457 2,876 866 33,677 239 111 965 14,399 3 4,300 1955—June 30.... 7,359 634 2,232 32,024 5,979 289 1,843 3,021 757 32,681 277 117 1,018 14,871 50 4,492 Dec. 31.... 7,727 638 2,515 33,757 6,903 303 1,288 3,048 1,035 35,752 239 106 941 15,117 82 4,641 Country banks: 1941~-Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1953—Dec. 31.... 5,780 1,140 4,855 35,029 1,288 12 1,216 4,063 820 31,636 15 153 615 16,921 20 4,194 1954—Dec. 31.... 5,377 1,129 5,057 36,242 1,469 17 1,271 4,263 795 32,736 22 163 799 17,826 11 4,506 1955—June 30.... 5,163 1,217 4,259 35,299 1,249 15 1,339 4,433 831 31,487 19 158 830 18,232 55 4.642 Dec. 31.... 5,429 1,222 4,844 37,836 1,488 17 1,061 4,425 1,020 34,235 18 157 844 18,371 52 4,769 All nonmember banks:3 1947—Dec 31 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1953—Dec. 31 642 4,550 16,325 586 52 390 2,016 213 14,351 146 30 350 8,426 19 2,245 1954 Dec 31 627 4,590 16,704 496 46 457 2,121 235 14,608 284 31 436 8,814 16 2,369 1955—June 30 664 3,825 16,014 424 47 422 2,162 235 13,844 309 30 468 8,929 35 2,448 Dec. 31 663 4,439 17,470 510 36 382 2,198 265 15,324 231 29 475 9,071 22 2,519 3 Breakdown of loan, investment, and deposit classifications is not Dec. 31, 1942, aggregated $513 million at all member banks and $525 available prior to 1947; summary figures for earlier dates appear in the million at all insured commercial banks. preceding table. 6 Demand deposits other than interbank and U. S. Govt., less cash items, 4 Central reserve city banks. reported as in process of collection. 5 Beginning June 30, 1942, excludes reciprocal bank balances, which on For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 WEEKLY REPORTING MEMBER BANKS LOANS AND INVESTMENTS OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Loans i U. S. Government obligations For purchasing or carrying securities Month or date i m T l n a o n v o e a d e n t n a s t s t l s - j i L m u n a s a o v e t n d a e e n d - n s d t t s s - i j L us a o t d a e - n d s i C i m a n t c o r n d i e i a m d u a r l l - s - - A t c u g u r r l a - i l - G a T U l t o i i n o g o o b . d v a S n - b - t d . s . r e o O a c k t s u l t i e e e h e r r r - s i e s s - rG U l t T o i i o g o b . o v a S n - - t . o s . thers e l R o st a e a n a t l s e O l t o h an e s r Total Bills o C d c n t e f a e i e e f d t b i r s i e - n - - t s s - - Notes Bonds2 O s ri e t t c h ie u e s - r b L a o t n a o k n s s Total— Leading Cities 1955 May. 85,378 84,409 42,140 22,677 2,661 1,119 7,641 8,76133,5011,335 ,520 9,050 21,596 8,768 969 1956 Apr.. 86,688 85,432 49,448 27,238 480 2,409 ,294 8,38910,493 27,688 767 640 6,442 19,839 8,296 1,256 May. 86,282 85,083 50,04127,558 475 2,416 ,283 8,471 10,695 27,026 675 566 6,130 19,655 8,016 1,199 1956 Apr. 4. 86,703 85,454 49,277 27,095 483 2,495 ,294 8,34410,420 27,852 750 663 6,541 19,898 8,325 1,249 Apr. 11. 86,583 85,447 49,38327,202 481 2,444 ,287 8,37710,447 27,696 699 645 6,504 19,848 8,368 1,136 Apr. 18. 86,743 85,487 49,"5"04 27,291 479 2,350 ,298 8,412 10,530 27,695 839 635 6,398 19,823 8,288 1,256 Apr. 25. 86,724 85,340 49,628 27,364 478 2,347 ,295 8,42410,575 27,509 782 618 6,324 19,785 8,203 1,384 May 2. 86,567 85,448 49,95327,583 470 2,412 ,298 8,43010,61827,357 753 588 6,258 19,758 8,138 1,119 May 9. 85,943 84,887 49,942 2"7,558 473 2,378 ,281 8,45710,,665522 2266,939 572 568 6,125 19,674 8,006 1,056 May 16. 86,422 85,241 50,16727,726 477 2,363 ,278 8,471 10,710 27,082 736 578 6,121 19,647 7,992 1,181 May 23. 86,422 85,115 50,24327,615 478 2,492 ,280 8,49410,743 26,877 634 549 6,095 19,599 7,995 1,307 May 30. 86,054 84,724 49,900 2"7,307 477 2,435 ,277 8,50310,756 26,873 679 544 6,050 19,600 7,951 1,330 New York City 1955 May 23,157 22,607 12,295 7,636 1971,861 10 433 595 1,780 7,995 488 306 1,921 5,280 2,317 550 1956 Apr 23,177 22,373 14,337 9,625 104 ,535 490 594 2,221 5,876 247 994 4,557 2,160 804 22,835 22,098 14,388 9,605 142 ,559 479 587 2,247 5,781 220 990 4,501 1,929 737 May 1956 23,347 22,600 14,474 9,705 92 ,596 488 596 2,229 5,911 226 1,013 4,588 2,215 747 Apr. 4 23,073 22,395 14,371 9,648 137 ,519 491 595 2,213 5,820 211 988 4,549 2,204 678 Apr. 11 23,168 22,297 14,271 9,588 95 ,505 493 599 2,224 5,871 258 977 4,557 2,155 871 Apr. 18 23,121 22,200 14,233 9,558 93 ,520 487 587 2,220 5,901 294 998 4,532 2,066 921 Apr. 25 May 2 23,035 22,374 14,415 9,680 138 ,530 489 586 2,225 5,928 300 1,002 4,556 2,031 661 May 9 22,634 22,019 14,362 9,615 100 ,568 478 591 2,242 5,735 154 980 4,533 1,922 615 May 16 22,799 22,088 14,384 9,651 139 ,512 479 588 2,247 5,796 258 955 4,513 1,908 711 May 23 22,873 22,073 14,472 9,591 191 ,595 478 588 2,262 5,697 175 1,002 4,453 1,904 800 May 30 22,837 21,937 14,307 9,487 143 ,589 473 581 2,263 5,748 214 1,012 4,446 1,882 900 Outside New York City 1955 May 62,221 61,802 29,845 15,041 603 676 7,046 6,98125,506 847 1,214 7,129 16,316 6,451 419 1956 Apr 63,511 63,059 35,11117,613 479 770 782 7,795 8,27221,812 520 562 5,448 15,282 6,136 452 63,447 62,985 35,65317,953 474 715 782 7,884 8,448 21,245 455 496 5,140 15,154 6,087 462 May 1956 63,356 62,854 34,80317,390 482 807 784 7,748 8,19121,941 524 579 5,528 15,310 6,110 502 Apr. 4 63,510 63,052 35,01217,554 480 788 774 7,782 8J234 21,876 488 573 5,516 15,299 6,164 458 Apr. 11 63,575 63,190 35,23317,703 478 750 784 7,813 8,30621,824 581 556 5,421 15,266 6,133 385 Apr. 18 63,603 63,140 35,39517,806 477 734 786 7,837 8,35521,608 488 541 5,326 15,253 6,137 463 Apr. 25 May 2 63,532 63,074 35,53817,903 469 744 787 7,844 8,393 21,429 453 518 5,256 15,202 6,107 458 May 9 63,309 62,868 35,58017,943 472 710 781 7,866 ",410 21,204 418 500 5,145 15,141 6,084 441 May 16 63,623 63,153 35,78318,075 476 712 777 7,883 8,46321,286 478 508 5,166 15,134 6,084 470 May 23 63,549 63,042 35,77118,024 477 706 780 7,906 8,48121,180 459 482 5,093 15,146 6,091 507 May 30 63,217 62,787 35,59317,820 476 703 782 7,922 8,49321,125 465 468 5,038 15,154 6,069 430 1 Exclusive of loans to banks and after deduction of valuation reserves; 2 Includes guaranteed obligations. individual 1 an items are shown gross. See also NOTE on opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS 615 RESERVES AND LIABILITIES OF BANKS IN LEADING CITIES [Monthly data are averages of Wednesday figures. In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits Borrowings Re- Bal- De- Indi- Indi- Month or date s B F w e a r . i v R n th e k . s s C va i a n u s l h t b m a w a d n e n o i c s t - e k h ti s s c j p m u o a d s a t d e s e n - i - t d d s i s p p u n c v h a o a a o e i n i r d r p l r r d a s t - - - s - , - , S p s d s a i t i o u c i a o n v l b a t n i d i e - l t - s - s c C h c o f a e e e e i f t n c e f c r r i d k t d s . - i ' s - , G U o . v S t . . s p p u n c v h a o a a o e n i i r d r p l r r d a s t - - - s - , - , S p s d s a i i t o u c i o a n v l b a t n i d i e - l t - s - s G P U S i a n o o a . n g s S v v d t s . - t a . l m D t e D i o c s - - ema F n ei d o g r n - Time B F F a r . n o R k m . s F ot r h o e m rs c C o i a t a u c a p - n l - ts tions tions Total- Leading Cities 1955 May 13,771 932 2,463 56,237 57,320 4,349 1,837 3,49618,991 1,132 20910,152 1,454 1,360 303 700 8,228 1956 Apr , 13,370 955 2,602 56,306 58,094 4,125 1,964 2,73419,358 1,050 19410,598 1,544 1,197 719 827 8,681 13,258 941 2,396 55,484 57,234 4,393 2,008 3,53119,347 1,053 179 9,937 1,517 1,236 634 823 8,749 May 1956 13,291 914 2,622 55,392 56,886 4,122 1,814 3,40419,414 1,044 20010,858 1,550 1,179 541 857 8,640 Apr. 4 13,417 979 2,664 56 58,392 4,014 2,014 2,426 19,382 1,044 19710,932 1,580 1,178 864 727 8,703 Apr. 11 13,452 957 2,678 56^13 5588,842 4,083 2,017 2,483 19,323 1,055 20010,662 1,527 1,214 722 857 8,684 Apr. 18 13,321 969 2,445 56 58,257 4,281 2,009 2,624 19,311 1,058 180 9,939 1,521 1,218 747 865 8,698 Apr. 25 May 2 13,412 895 2,42155,896 57,224 4,632 2,161 3,34319,304 1,072 17910,235 1,517 1,212 792 666 8,735 May 9 13,344 948 2,29455,55956,694 4,339 1,823 2,998 19,334 1,050 18010,064 1,519 1,211 852 672 8,742 May 16 13,204 917 2,,555555 54 ",943 4,315 1,969 3,84819,352 1,049 18010,362 1,526 1,234 556 844 8,748 May 23 13,197 966 2,35955,444 56 4,231 2,246 3,79719,368 1,054 180 9,561 1,522 1,262 590 982 8,756 13,133 980 2,350 55^2157,319 4,451 1,841 3,66919,378 1,041 177 9,464 1,498 1,262 381 949 8,764 May 30 New York City 1955 4,485 142 4215,95616,934 333 1,258 2,039 143 56 2,836 1,121 1,061 30 336 2,681 May 1956 4,212 145 15,82417,044 265 932 867 2,122 117 2,900 1,204 944 361 2,757 Apr 4,109 139 15,41016,661 362 1,029 1,068 2,092 104 2,829 1,182 307 2,769 May 1956 4,210 141 15,63016,742 271 838 1,116 2,150 117 2,960 1,205 928 4 464 2,757 4,264 153 15,74517,004 290 1,024 776 2,137 117 2,931 1,239 927 169 336 2,757 Apr. 4 4,196 141 15,89517,203 241 891 770 2,105 118 2,936 1,189 961 75 340 2,757 Apr. 11 4,179 143 16,02717,227 258 977 805 2,097 117 2,774 1,181 959 72 305 2,759 Apr. 18 Apr. 25 4,292 136 15,58316,682 484 1,111 1,098 2,079 118 2,944 1,189 955 43 364 2,771 May 2 4,068 141 15,39716,429 329 886 948 2,085 102 2,756 1,179 955 34 282 2,771 May 9 4,025 132 15,13216,659 312 903 1,155 2,100 100 2,940 1,188 981 9 289 2,771 May 16 4,119 139 15,50516,726 330 1,309 1,086 2,099 101 2,759 1,185 1,011 10 292 2,765 May 23 4,040 148 15,43516,810 355 938 1,053 2,098 97 2,747 1,170 1,009 2 305 2,765 May 30 Outside New York City 1955 May 9,286 790 2,42140,28140,386 4,016 951 2,23816,952 989 153 7,316 333 299 273 364 5,547 1956 Apr 9,158 810 2,524 40,482 41,050 3,860 1,032 1,867 17,236 933 144 7,698 340 253 639 466 5,924 9,149 802 2,328 40,074 40,573 4,031 979 2,46317,255 949 143 7,108 335 254 614 516 5,980 May 1956 9,081 773 2,524 39,762 40,144 3,851 976 2,288 17,264 927 146 7,898 345 251 537 393 5,883 Apr. 4 9,153 826 2,57140,466 41,388 3,724 990 1,650 17,245 927 143 8,001 341 251 695 391 5,946 Apr. 11 9,256 816 2,616 4'"0 ;881188 4411,639 3,842 1,126 1,713 17,218 937 146 7,726 338 253 647 517 5,927 Apr. 18 9,142 826 2,384 40 881 41,030 4,023 1,032 1,819 17,214 941 143 7,165 340 259 675 560 5,939 Apr. 25 May 2 9,120 759 2,354 40,313 40,542 4,148 1,050 2,245 17,225 954 143 7,291 328 257 749 302 5,964 May 9 9,276 807 2,24140,162 40,265 4,010 937 2,050 17,249 948 144 7,308 340 256 818 390 5,971 May 16 9,179 785 2,472 3399,867 41,284 4,003 1,066 2,693 17,252 949 144 7,422 338 253 547 555 5,977 May 23 9,078 827 2,27939,939 40,262 3,901 937 2,711 17,269 953 144 6,802 337 251 580 690 5,991 May 30 9,093 832 2,296 40;086 40,509 4,096 903 2,616 17,280 944 141 6,717 328 253 379 644 5,999 i Demand deposits other than interbank and U. S. Govt., less cash NOTE.—For description of revision beginning Mar. 4, 1953, see BULLEitems reported as in process of collection. TIN for April 1953, p. 357, and for figures on the revised basis beginning Jan. 2, 1952, see BULLETIN for May 1953, pp. 550-555. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 COMMERCIAL LOANS; OPEN MARKET PAPER CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS OF WEEKLY REPORTING MEMBER BANKS, BY INDUSTRY » [Net decline, ( —). In millions of dollars] Manufacturing and mining Comm'l Period 2 t l o F i b q a o u a n o c d o d c r , , o a T l p e e a p a x n t a t h d i r l e e e r l s , , M p m u a r e c e n o t t t d a d a s l - 3 l s ch P l e c e a e m o u n t a r m d i o l c , , - al, Other ( r T w e s a r h t a n a a o l d d i e l l e e ) - m d C e o o a d l m e it r - y s fi c S n o a a r l n n e c s - e u P p t ( t t r o u i i i a l n o b r i n c t n t l i s a l i ) e . - c - s s C t t i r o o u n n c - - bu o ty s A t o i p h n l f e e l e s r ss c c h l N f a a i n e s e d g s t i e - s ch w re a i a e i n p n a n n e d o l g g k d l ' r e l l t — y rubber banks4 1953—Jan.-June -657 156 420 -45 90 215 -644 -91 12 18 -11 -536 -805 July-Dec 537 -107 -326 138 -49 -7 392 -137 91 -23 101 610 795 1954—Jan.-June -505 55 -577 -10 -41 -363 -175 126 71 106 -1,314 -1,496 July-Dec 498 -26 -548 -62 120 539 32 -225 82 132 630 539 1955—Jan.-June -540 220 177 313 153 146 -461 589 384 134 143 1,257 1,078 July-Dec.. , 480 71 224 208 63 327 469 704 27 106 370 3,050 53,206 1956—Jan -113 6 66 48 10 -68 -38 -221 65 4 -81 -331 4-470 Feb -120 48 250 45 59 57 8 -257 13 -29 2 75 120 Mar 43 84 510 111 145 107 -73 158 226 3 60 1,374 1,470 Apr -55 1 87 57 18 91 -80 41 -118 28 -21 48 98 May -81 38 53 -7 32 20 -107 -101 A A 33 103 -62 -57 Week ending: 1956—Mar. 7 c 20 52 47 36 14 -14 -26 12 4 -5 136 148 Mar. 14 15 40 166 26 44 45 Q 72 123 6 37 565 592 Mar. 21 49 10 262 13 46 42 -11 104 92 11 30 647 681 Mar. 28 -16 14 31 26 19 6 -40 7 -1 -19 26 49 Apr. 4 -29 -9 67 4 9 -17 29 -185 3 -26 -146 -171 Apr. 11 -8 61 -12 -25 19 -22 -28 48 17 28 85 107 Apr. 18 11 2 32 8 21 48 -31 -15 -5 9 -15 65 89 Apr. 25 -28 -18 4 -6 17 15 -11 55 24 44 73 May 2 2 16 61 -6 14 30 -12 30 45 4 40 220 219 May 9 -10 14 53 i 15 7 -17 -45 -76 14 7 -39 -25 May 16 -24 24 88 25 17 9 -37 -8 -9 10 57 152 168 May 23 -35 -3 3 -16 -14 -18 -53 4 7 -1 -124 -111 May 30 -11 -14 -151 -10 -12 -24 -26 i -271 -308 1 Data for a sample of about 210 banks reporting changes in their 3 Includes machinery and transportation equipment. larger loans; these banks hold over 90 per cent of total commercial 4 Prior to week ending Jan. 11, 1956, included changes in agricultural and industrial loans of all weekly reporting member banks and nearly loans. 70 per cent of those of all commercial banks. 5 Includes increase of $318 million resulting from errors disclosed 2 Figures for periods other than weekly are based on weekly changes. incident to survey of credit extended to real estate mortgage lenders. COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances Commercial and finance company paper Held by: Based on: End of year or month Acceptingbanks F. R. Goods stored in or Placed Banks Im- Ex- shipped between Placed direct- Oth- ports ports Dollar points in: Total through ly into from exdealersl ( p f a in p a e n r c ) e 2 T ta o l - O bi w ll n s bo B u il g ls ht Own F ei o g r n - U S n ta i t t e e s d U S n ta i t t e e s d change United Foreign acct. corr. States countries 1950 920 345 575 394 192 114 78 21 180 245 87 2 28 32 1951 1 331 449 88? 490 197 119 79 21 272 235 133 23 55 44 1952. 1,745 552 193 492 183 126 57 20 289 232 125 39 64 32 1953 1,966 564 ,402 574 172 117 55 24 378 274 154 29 75 43 1954 1,924 733 1,191 873 289 203 86 19 565 285 182 17 300 89 1955—Apr 2,171 623 1,548 767 206 164 42 17 28 517 229 189 68 190 92 May 2,335 572 I 763 686 192 143 49 14 26 453 207 188 53 150 88 June 2,303 572 1,731 655 182 138 44 16 26 431 216 189 40 125 85 July 2 411 593 [ 818 650 184 144 40 10 23 433 223 186 41 108 92 Aug 2 359 580 779 655 186 142 44 14 27 427 220 182 41 111 101 Sept 2,245 564 [ 681 671 190 147 43 21 27 433 253 189 33 108 87 Oct 2,255 547 [,708 662 189 144 45 16 26 430 258 201 33 82 87 Nov ... 2 283 542 741 642 187 134 52 17 27 410 259 205 20 73 86 Dec 2,008 510 1,498 642 175 126 49 28 33 405 252 210 17 63 100 1956—Jan 2,350 573 1,777 624 169 124 44 18 32 406 237 220 11 46 110 Feb 2,618 588 2,030 667 184 135 49 14 37 431 263 234 20 43 106 Mar 2 545 560 1 985 660 170 130 40 14 39 436 263 236 18 49 94 Apr 2,514 508 2,006 628 146 108 39 13 42 427 235 240 10 43 100 i As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTEREST RATES 617 MONEY MARKET RATES BANK RATES ON SHORT-TERM BUSINESS LOANS [Per cent per annum] [Per cent per annum] Fi- U. S. Government Size of loan (thous. of dol.) mo Y w n e e t a h e r k , , or m 4 m p P c - o a e r o t i n p r m o m c t e h i r - e a 6 s , l - * 3 p d n p - c p l i a a o a a r l t n y p e c m o n c c . e e y - t e 6 r d - - a P a b d c n e a r a c 9 i r c n y e m s 0 e k p s ' s e 1 - t , - M 3 k - e a m t r- on s t o e h c R n u b a n r i t i l e e t l i w s es 9 ( i m - s t t a s o o u x n e a 1 t s b h 2 3 l - e) 3 i 2 s - y s e t u o a e r s 5 4 - Annu A al r e av a e a ra n g d e s p , eriod lo A a l n l s 1 1 - 0 1 10 0 0 - 1 2 0 0 0 0 - o a 2 v n 0 e d 0 r months * yield issues 19 large cities: 1953 3.7 5.0 4.4 3.9 3.5 1954 3.6 5.0 4.3 3.9 3.4 1953 average 2.52 2.33 1.87 1.90 1.931 2.07 2.56 1955 3 7 5.0 4 4 4.0 3 5 1.58 1.42 1.35 .94 .953 .92 1.82 1955 average 2.18 1.97 1.71 1.73 1.753 1.89 2.50 Quarterly:1 19 large cities: 1955—May 2.00 1.88 1.50 1.45 1.491 1.72 2.40 1955—june 3.56 4.92 4.29 3.83 3.33 June 2.00 1.82 1.50 1.41 1.432 1.71 2.42 Sept 3.77 4.98 4.44 3.99 3.56 July 2.11 1.87 1.50 1.60 1.622 1.88 2.54 Dec 3.93 5.01 4.52 4.14 3.75 Aug 2.33 2.02 1.67 1.90 1.876 2.12 2.73 1956—Mar 3 93 5.05 4 55 4 13 3 74 Sept 2.54 2.28 2.08 2.07 2.086 2.14 2.72 New York City: Oct 2.70 2.46 2.23 2.23 2.259 2.19 2.58 1955—June 3.30 4.73 4.18 3.62 3.15 Nov 2.81 2.53 2.17 2.25 2.225 2.28 2.70 Sept 3.54 4.83 4.39 3.87 3.39 Dec 2.99 2.80 2.43 2.54 2.564 2.56 2.83 Dec 3 76 4.86 4.48 4 00 3.64 1956—Mar . 3.75 4.92 4.49 4.05 3.62 1956—Jan 3.00 2.88 2.45 2.41 2.456 2.50 2.74 7 Northern & Eastern Feb 3.00 2.88 2.38 2.32 2.372 2.38 2.65 cities: Mar 3.00 2.88 2.38 2.25 2.310 2.43 2.83 1955—June 3.55 4.97 4.29 3.78 3.37 3.14 2.93 2.44 2.60 2.613 2.83 3.11 Sept 3.76 5.06 4.43 3.99 3.58 May 3.27 3.00 2.50 2.61 2.650 2.83 3.04 Dec 3.95 5.08 4.52 4.16 3.79 1956—Mar 3 93 5.11 4 55 4 10 3 78 Week ending: 11 Southern & Western May 5... 3.25 3.00 2.50 2.61 2.741 2.91 3.10 cities: May 12... 3.25 3.00 2.50 2.55 2.524 2.88 3.11 1955—June 3.95 4.98 4.34 4.01 3.67 May 19... 3.25 3.00 2.50 2.67 2.708 2.87 3.08 Sept 4.11 5.01 4.47 4.07 3.88 May 26... 3.25 3.00 2.50 2.65 2.702 2.75 2.97 Dec 4 17 5 06 4 54 4 22 3 91 June 2... 3.38 3.00 2.50 2.55 2.573 2.74 2.91 1956—Mar 4.19 5.09 4.58 4.20 3.94 1 Averages of daily prevailing rates. 2 Except for new bill issues, yields are i Based on figures for first 15 days of month. averages computed from daily closing bid prices. NOTE.—For description see BULLETIN for March 1949, 3 4 C C o o n n s s i i s s t t s s o o f f s c e e l r e t c if te ic d a t n e o s te o f a n in d d e b b o t n e d d n is e s s u s e a s. nd selected note and bond issues. pp. 228-237. BOND AND STOCK YIELDS i [Per cent per annum] State and local govt.bonds Corporate bonds4 Industrial stocks U.S. Govt. bonds Ye o a r r , w m e o ek nth, (long-term) ob G li e g n a e ti r o a n l s4 Rev- By ra s t e in le g c s ted gr B ou y ps D pr i i v c i e d e r n at d i s o / p E r a ic rn e i r n a g t s io / enue Totals bonds6 se O ri l e d s2 s N er e ie w s3 Totals Aaa Baa Aaa Baa In tr d i u al s- R ro a a i d l- P u u ti b li l t i y c fe P rr r e e d - 7 C m o o m n4 - C m o o m n8 - Number of issues.... 3-7 1-2 20 5 5 10 120 30 30 40 40 40 14 125 125 1953 average 2.93 3.16 2.82 2.31 3.41 3.02 3.43 3.20 3.74 3.30 3.55 3.45 4.27 5.51 10.14 1954 averase 2.53 2.70 2.46 2.04 3.09 2.81 3.16 2.90 3.51 3.09 3.25 3.15 4.02 4.70 8.75 1955 average 2.80 2.94 2.57 2.18 3.14 2.85 3.25 3.06 3.53 3.19 3.34 3.22 4.01 3.93 8.04 1955 May 2.75 2.91 2.48 2.06 3.07 2.77 3.23 3.04 3.50 3.17 3.32 3.19 3.99 4.05 June • 2 76 2 91 2.49 2.09 3.08 2.80 3.23 3.05 3.51 3.18 3.31 3 21 3 98 3 71 8 i6 July 2.87 2.96 2.62 2.23 3.17 2.86 3.24 3.06 3.52 3.18 3.32 3.22 3.96 3.63 Au2 2 91 3 02 2.69 2.33 3.22 2.92 3.29 3.11 3.56 3.25 3.36 3 26 4 01 3 76 Sect 2.88 3.00 2.70 2.31 3.24 2.92 3.31 3.13 3.59 3.25 3.40 3.29 4.06 3.76 7.19 Oct 2 82 2 96 2.64 2.25 3.22 2.89 3.30 3.10 3.59 3.23 3.38 3 27 4 04 3 96 Nov 2.85 2.96 2.60 2.20 3.20 2.87 3.29 3.10 3.58 3.22 3.38 3.28 4.01 3.96 Dec . . . 2.88 2.97 2.70 2.29 3.25 2.97 3.33 3.15 3.62 3.26 3.42 3.31 4.05 3.92 7.96 1956 Jan 2.86 2.94 2.69 2.27 3.24 2.91 3.30 3.11 3.60 3.23 3.40 3.28 4.03 4.08 Feb . . .. 2 82 2 93 2.63 2.19 3.21 2.89 3.28 3.08 3.58 3.20 3 37 3 26 3 99 3 93 Mar 2.90 2.98 2.67 2.24 3.24 2.95 3.30 3.10 3.60 3.24 3.37 3.27 4.01 3.68 r7 12 Apr r3.O5 3.10 2.84 2.43 3.38 3.07 3.41 3.24 3.68 3.37 3.47 3.38 4.15 3.69 M^ay 2.93 3.03 2.83 2.46 3.37 3.06 3.46 3.28 3.73 3.40 3.53 3.44 4.22 3.97 Week ending: May 5 . 2 99 3 08 2.91 2.51 3.44 3.10 3.46 3.30 3.72 3.39 3 54 3 44 4 23 3 67 May 12 2.97 3 05 2.86 2.48 3.40 3.06 3.45 3.27 3.72 3.39 3.52 3 44 4.19 3 78 May 19 2.94 3.03 2.83 2.44 3.37 3.04 3.45 3.27 3.73 3.40 3.53 3.44 4.20 3.81 May 26 2.89 3.00 2.80 2.44 3.33 3.04 3.46 3.27 3.73 3.40 3.54 3.44 4.23 4.02 June 2 2.87 2.99 2.77 2.42 3.31 3.03 3.46 3.27 3.74 3.39 3.54 3.44 4.23 3.96 r Revised. 1 Monthly and weekly yields are averages of daily figures for U. S. Govt. 4 Moody's Investors Service. and corporate bonds. Yields of State and local govt. general obligations 5 Includes bonds rated Aa and A, data for which are not shown sepaare based on Thursday figures; of revenue bonds, on Friday figures; and rately. Because of a limited number of suitable issues, the number of of preferred stocks, on Wednesday figures. Figures for common stocks corporate bonds in some groups has varied somewhat. are as of the end of the period, except for annual averages. 6 Dow-Jones and Co. 2 Consists of fully taxable, marketable 2x/i per cent bonds due or first 7 Standard and Poor's Corporation. Ratio is based on 9 median yields callable after 12 years, through Sept. 30, 1955, and those due or callable in a sample of noncallable issues—12 industrial and 2 public utility. in 10-20 years, beginning Oct. 1, 1955. 8 Computed by Federal Reserve from data published by Moody's In- 3 Consists of the 2>lA per cent bond of 1978-83 and, beginning Feb. 1, vestors Service. 1955, the 3 per cent bond of February 1995. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 SECURITY MARKETS SECURITY PRICES 1 Bond prices Common stock prices Volume U. S. Govt. Standard and Poor's series Securities and Exchange Commission series of (long-term) (index, 1935-39= 100) (index, 1939= 100) trad- Year, month, Mu- C p o o r - - ings or week nicipal rate Manufacturing Trade, (in O r s i l e e d s - * N ri s e e e s w - 3 g ( r h a ig d h e - )4 g ( r h a ig d h e - )4 Total t d I r u n ia s - l - R ro a a i d l- P u i l u t t i i y c b l- - Total Total r D ab u l - e N r d a o b u n l - e - T p t r o i a o r n n ta s - - P u i h u t t i y e b l- - n s a a e i f n c n r i e v - d c - e, M in i g n- s s t h h a a o n o r f e d u s s - ] Number of issues... 3-7 1-2 15 17 480 420 20 40 265 170 98 72 21 29 31 14 1953 average 93.90 101.46 119.7 112.1 189 204 170 122 193 220 193 245 219 122 207 240 1,419 1954 average 99.51 109.60 125.8 117.2 227 250 180 136 230 271 245 295 233 136 236 267 2,270 1955 average 95.97 103.36 123.1 114.4 342 341 248 152 305 374 352 394 320 153 297 313 2,578 1955 May 96.53 103.66 125.1 114.7 285 320 251 152 289 350 324 372 326 154 280 303 2,163 96.37 103.75 123.9 114.5 301 341 259 153 303 370 344 393 336 154 294 314 2,643 July 94.96 102.73 121.4 114.3 315 360 256 156 319 395 366 421 334 157 304 317 2,423 Aug 94.51 101.57 120.5 113.2 311 354 250 156 315 390 368 410 324 156 302 311 1,818 Sept 94.87 101.95 121.3 113.1 323 371 257 155 327 407 387 425 331 155 320 317 2,862 Oct .. 95 83102.75 122 5 113 6 306 350 241 151 310 385 365 403 309 151 307 294 2 008 Nov 95.46 102.73 122.6 113.7 322 369 255 154 328 411 389 430 325 154 325 312 2,319 Dec 95.07 102.62 119.8 112.4 327 377 258 153 334 419 396 439 332 154 323 326 2,428 1956—Jan 95.40 103.04 121.3 113.3 323 372 249 153 326 408 379 434 320 154 310 330 2,247 Feb 95 94103.28 122 3 113.9 324 373 250 155 330 413 383 441 323 156 310 350 2,320 Mar . 94.88 102.41 120.3 113.2 347 401 265 159 351 443 412 472 344 160 322 373 2,2,14 Apr r92.86 100.05 116.9 111.2 351 408 271 156 355 452 410 491 348 157 317 369 2,576 May 94.40 101.35 117.3 110.6 344 399 269 155 347 441 398 480 342 156 306 364 2,420 Week ending: May 5 93.64 100.47 115.6 110.5 354 412 275 156 359 459 414 500 352 157 317 377 2,637 May 12 94.06 101.03 117.1 110.8 354 412 282 155 351 446 403 486 348 156 308 365 2,571 May 19 94 31101 43 117.3 110.6 343 398 271 154 346 439 396 478 342 156 304 366 2,230 May 26 94 96101.79 117.8 110.6 335 387 261 154 332 419 378 457 325 154 295 348 2,308 June 2 95.23 102.09 118.6 110.5 335 387 256 153 338 428 387 467 325 155 298 346 2,170 r Revised or first callable after 12 years through Sept. 30, 1955, and, beginning Oct. 1 Monthly and weekly data for U. S, Govt. bond prices and volume 1, 1955, those due or callable in 10-20 years. of trading are averages of daily figures; for other series monthly and 3 The 3*4 per cent bond of 1978-83 and, beginning Feb. 1, 1955, the 3 weekly data are based on figures for one day each week—weekly closing per cent bond of February 1995. prices for common stocks (Securities and Exchange Commission) and 4 Prices derived from average yields, as computed by Standard and Wednesday closing prices for all others. Poor's Corporation, on basis of a 4 per cent 20-year bond. 2 Series composed of fully taxable, marketable 2V£ per cent bonds due 5 Average daily volume of trading in stocks on the New York Stock Exchange for a five and one-half hour trading day. STOCK MARKET CREDIT [In millions of dollars] Customer credit Broker and dealer credit* Net debit balances with Bank loans to others (than E W nd e d o n f e s m da o y n t o h f o m r o la n s t t h U o s . t T e h S c o e u . r t r G a i t t h l i o - e a v s n t. New York f S ir t m oc s k 1 Exchange ch b a r s o i k n e g r s a n a d n d c a d r e r a y l i e n r g s ) s f e o c r u r p i u ti r e - s2 Money borrowed Cu f s n r t e o e e t mer obligations credit (co c l o . l. 3 5) + U S ob e . c l S i u g . r a e G t d i o o b v n y s t. S s e e c o c u u t r h r e i e d t r i e b s y U ob . l S ig . a G ti o on v s t. se O cu th ri e ti r es U ob . l S ig O . a G n ti o o v ns t. se o cu O th r n i e t r ies balances 1952 Dec 1,980 33 1,332 149 648 30 877 727 1953 Dec 2,445 31 1,665 88 780 88 1,074 713 1954—Dec 3,436 41 2,388 65 1,048 69 1,529 1,019 1955 Apr 3,785 48 2,704 27 1,081 74 1,988 973 May 3,787 47 2,684 28 1,103 72 2,047 928 June . ... 3,870 46 2,711 31 1,159 73 2 020 917 July 3,911 45 2,734 29 1,177 77 2,003 918 3,865 43 2,710 29 1,155 71 1,994 887 Sent 3,966 43 2,805 33 1,161 68 2,056 977 Oct 3,944 40 2,749 29 1,195 71 2,088 920 Nov 3,980 38 2,759 27 1,221 75 2,185 876 Dec 4,030 34 2,791 32 1,239 51 2,246 894 1956—Jan 4,040 36 2,786 37 1,254 41 2,129 905 Feb . . 3,991 34 2,740 36 1,251 52 2 137 913 Mar 4,038 31 2,786 40 1,252 50 2,127 960 Apr 4,043 33 2,788 40 1,255 44 2,145 896 i Ledger balances of member firms of the New York Stock Exchange Data are as of the end of the month, except money borrowed, which is as carrying margin accounts, as reported to the Exchange. Customers' debit of the last Wednesday of the month beginning June 1955. and free credit balances exclude balances maintained with the reporting 2 Data, except as noted below, are for all weekly reporting member firm by other member firms of national securities exchanges and balances banks, which account for about 70 per cent of all loans to others for purof the reporting firm and of general partners of the reporting firm. Bal- chasing or carrying securities. Figures are for the last Wednesday of the ances are net for each customer—i.e., all accounts of one customer are month. Some loans for purchasing or carrying U. S. Govt. securities are consolidated. Money borrowed includes borrowings from banks and included in column 5 after 1952; loans for that purpose are shown sepfrom other lenders except member firms of national securities exchanges. arately in column 4 for all weekly reporting member banks in 1952 and for New York and Chicago banks thereafter. 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SAVINGS INSTITUTIONS 619 LIFE INSURANCE COMPANIES 1 [Institute of Life Insurance data. In millions of dollars] Government securities Business securities Date a T s o s t e a t l s Total United St U at . e S a . nd Foreign 2 Total Bonds Stocks M ga o g r e t s - e R st e a a t l e P lo o a li n c s y O as t s h e e ts r States local End of year: 3 1941 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945 44,797 22,545 20,583 722 1.240 11,059 10,060 999 6,636 857 1,962 1,738 1948 55,512 19,135 16,746 872 ,517 20,272 18,844 1,428 10,833 1,055 2,057 2,160 1949 59,630 17,868 15,290 1,052 ,526 23,124 21,406 1,718 12,906 1 247 2 240 2 245 1950 64,020 16,118 13,459 1,152 ,507 25,351 23,248 2,103 16,102 1,445 2,413 2,591 1951 68,278 13,760 11,009 1,170 ,581 28,111 25,890 2,221 19,314 1,631 2,590 2,872 1952 73,375 12,905 10,252 1,153 ,500 31,515 29,069 2,446 21,251 1 903 2 713 3 088 1953 78,533 12,537 9,829 1,298 ,410 34,438 31,865 2,573 23,322 2,020 2,914 3,302 1954 84,486 12,262 9,070 1,846 .346 37,300 34,032 3S268 25,976 2,298 3,127 3,523 End of month: 4 1952—Dec 73,034 12,814 10,195 1,126 1,493 31,286 29,095 2,191 21,245 1,868 2 699 3,122 1953—Dec 78,201 12,452 9,767 1,278 1,407 34,265 31,926 2,339 23,275 1,994 2,894 3,321 1954—Dec. . . 84,068 12,199 9,021 1,833 1,345 36,695 33,985 2,710 25,928 2,275 3,087 3,884 1955—Mar '85,632 12,315 9,091 1,964 1,260 37,222 34,449 2,773 26,727 '2,366 3,159 '3,843 Apr 86,061 12,329 9,105 1,965 1,259 37,362 34,571 2,791 26,949 2 381 3 177 3,863 May 86,515 12,260 9,058 1,956 1,246 37,532 34,745 2,787 27,217 2,407 3,190 3,909 June 86,967 12,239 9,046 [,957 1,236 37,677 34,848 2,829 27,483 2 420 3 207 3,941 July . 87,636 12,292 9,096 1,979 1,217 37,927 35,058 2,869 27,748 2,453 3,230 3,986 A.UK 88,087 12,368 9,179 1,979 1,210 37,921 35,046 2,875 28,001 2,471 3,245 4,081 Sept 88,529 12,325 9,129 1,983 1,213 38,123 35,253 2,870 28,250 2 492 3 260 4 079 Oct 89,016 12,236 9,027 1,990 1,219 38,385 35,506 2,879 28,563 2,506 3,271 4,055 Nov 89,491 12,096 8,891 1,987 1,218 38,546 35,647 2,899 28,868 2,523 3,283 4,175 Dec . . . . 90,219 11,758 8,546 .998 1,214 38,855 35,932 2,923 29,433 2,557 3,293 4,323 1956—Jan 90 842 11,751 8 393 2 125 1,233 39,146 36,216 2,930 29,800 2 568 3 307 4 270 Feb 91,240 11,608 8,236 2,144 1,228 39,376 36,428 2,948 30,102 2,589 3,324 4,241 Mar 91,543 11,415 8,045 2,153 1,217 39,570 36,593 2,977 30,383 2,609 3,345 4,221 r Revised. an amortized basis and stocks at end-of-year market value. 1 Figures are for all life insurance companies in the United States. 4 These represent book value of ledger assets. Adjustments for interest 2 Represents issues of foreign governments and their subdivisions due and accrued and for differences between market and book values and bonds of the International Bank for Reconstruction and Develop- are not made on each item separately, but are included, in total, in "Other ment. assets." 3 These represent annual statement asset values, with bonds carried on SAVINGS AND LOAN ASSOCIATIONS i [Federal Savings and Loan Insurance Corporation data. In millions of dollars) Assets Assets End of year Total 2 g M ag o e r s t- 3 G U ob o . l v S i t - . . Cash Other* S c a a v p i i n ta g l s q E u n a d r t o e f r Total 2 g M ag o e r s t- 3 G U ob o .S l v i . - t. Cash Other 4 S c a a v p i i n ta g l s gations gations 1941 6,049 4,578 107 344 775 4,682 1954_1 27,658 22,712 1,927 1.618 1,327 23,909 1945 8,747 5 376 2 420 450 356 7,365 2 29,094 23,836 1,959 ,794 1,432 25,170 3 30,165 25,065 1,969 ,681 1,379 25,903 1948 13,028 10,305 1,455 663 501 10,964 4 31,736 26,193 2,021 ,980 1,472 27,334 1949 . . 14,622 11,616 [,462 880 566 12,471 1950 16,893 13,657 [,487 924 733 13,992 1955_1P 33,075 27,373 2,203 1,928 1,502 28,482 1951 . ... 19,222 15,564 ,603 1,066 899 16,107 2v 35,080 29,107 2,287 ,973 1,645 29,963 1952 22 660 18 396 787 1,289 1 108 19 195 3P 36,343 30,687 2 340 612 1 639 30 636 1953 26,733 21,962 .920 1,479 1,297 22,846 4* 37,880 31,584 2,381 2,087 1,763 32,305 1954 31,736 26,193 2,021 1,980 1,472 27,334 1955* 37,880 31,584 2,381 2,087 1,763 32,305 1956— \P 39,049 32,529 2,615 1,999 1,842 33,446 P Preliminary. 2 Includes gross mortgages with no deduction for mortgage pledged i Figures are for all savings and loan associations in the United States. shares. Data beginning 1950 are based on monthly reports of insured associa- 3 Net of mortgage pledged shares. tions and annual reports of noninsured associations. Data prior to 4 Includes other loans, stock in the Federal home loan banks and other 1950 are based entirely on annual reports. investments, real estate owned and sold on contract, and office building and fixtures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL CREDIT AGENCIES SELECTED ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] End of year End of quarter Asset or liability, and corporation or agency1 1955 1948 1949 1950 1951 1952 1953 1954 Loans, by purpose and agency: To aid agriculture, total 3,632 4,362 3,884 4,161 5,070 6,811 6,929 7,466 6,362 5,853 6,715 Banks for cooperatives 305 302 345 425 424 377 367 340 322 359 375 Federal intermediate credit banks 426 437 510 633 673 590 638 725 847 833 689 Federal Farm Mortgage Corporation. 80 60 45 34 25 18 13 12 Farmers Home Administration 2 525 523 535 539 596 648 701 774 770 755 681 Rural Electrification Administration. . 999 1,301 1,543 1,742 1,920 2,096 2,226 2,253 2,286 2,316 2,348 Commodity Credit Corporation 1,293 1,729 898 782 1,426 3,076 2,981 3,357 2,137 1,590 2,621 Other agencies 5 9 7 6 6 5 4 4 1 1 1 To aid home owners, total 768 1,251 1,528 2,142 2,603 2,930 2,907 3,013 3,095 3,122 3,205 Federal National Mortgage Assn 199 828 1,347 1,850 2,242 2,462 2,461 2,538 2,593 2,590 2,641 Home Owners' Loan Corporation3. . . 369 231 10 Reconstruction Finance Corporation4. 177 168 137 123 115 108 V O e th te e r r a n a s g e A nc d i m es inistration > 22 24 35 169 246 3 6 00 0 3 6 8 3 3 40 6 8 7 43 7 0 2 45 7 6 6 48 8 0 4 To railroads, total 140 114 110 101 82 79 12 11 13 11 11 Reconstruction Finance Corporation4. 138 112 108 99 77 Other agencies 3 3 2 2 2 12 13 To other industry, total 310 462 458 488 516 509 420 426 426 706 667 Reconstruction Finance Corporation4. 272 423 400 415 457 294 Department of the Treasury 174 353 353 348 328 306 Other agencies 38 38 58 74 58 40 67 73 78 378 362 To financing institutions, total. 525 445 824 814 864 952 870 704 1,019 1,277 1,419 Federal home loan banks... 515 433 816 806 864 952 868 702 1,017 1,275 1,417 Other agencies 10 12 2 2 2 2 2 Foreign, total 6,102 6,090 6,078 6,110 7,736 8,043 8,001 7,968 8,032 8,025 7,988 Export-Import Bank 2,145 2,187 2,226 2,296 2,496 2,833 2,806 2,768 2,774 2,735 2,702 Reconstruction Finance Corporation4 206 154 101 64 58 52 U. S. Treasury Department6 3,750 3,750 3,750 3,750 3,667 3,620 3,570 3,570 3,567 3,567 3,519 International Cooperation Administration. 71,515 1,537 1,624 1,630 1,692 1,722 1,767 All other purposes, total 584 484 531 779 1,095 763 438 451 474 477 501 Reconstruction Finance Corporation4 190 88 59 61 50 57 Public Housing Administration 294 297 366 609 919 535 113 119 100 96 93 Other agencies 100 99 105 109 126 171 325 332 374 381 408 Less: Reserve for losses 368 476 185 173 140 203 228 259 494 411 268 Total loans receivable (net). 11,692 12,733 13,228 14,422 17,826 19,883 19,348 19,782 18,927 19,061 10,238 Investments: U. S. Government securities, total 1,854 2,047 2,075 2,226 2,421 2,602 2,967 3,187 3,108 2,909 3,236 Banks for cooperatives 43 43 43 43 43 43 43 43 43 43 43 Federal intermediate credit banks 44 74 46 51 60 63 61 60 60 72 63 Production credit corporations 66 39 42 43 43 45 42 42 42 42 42 Federal home loan banks 274 275 199 249 311 387 641 771 661 443 745 Federal Savings and Loan Insurance Corp 199 214 193 200 208 217 228 234 241 234 241 Federal Housing Administration 144 188 244 285 316 319 327 344 354 370 381 Federal Deposit Insurance Corporation 1,064 1,205 1,307 1,353 1,437 1,526 1,624 1,692 1,706 1,705 1,720 Other agencies 21 9 1 2 1 1 1 2 2 2 1 Investment in international institutions. 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 3,385 Other securities, total 133 107 88 78 44 40 Reconstruction Finance Corporation4. 98 83 71 66 36 35 47 44 45 29 29 Production credit corporations 29 22 16 11 8 5 3 3 3 3 2 O D t e h p e a r r t a m ge e n n c t ie o s f the Treasury 1 42 2 38 3 40 2 23 3 23 Commodities, supplies, and materials, total. 627 1,549 1,774 1,461 1,280 2,514 3,852 3,612 3,476 4,129 4,356 C R o ec m o m ns o t d ru it c y t io C n r e F di i t n a C n o c r e p C or o a r t p io o n ration4. .. 4 1 3 5 7 7 1,3 1 7 4 6 2 1,6 1 3 0 8 8 1,1 1 7 2 4 9 9 1 7 7 8 2 2,0 1 8 5 6 6 3,302 2,983 2,910 3,518 3,747 O D t e h p e a r r t a m g e en n c t ie o s f the Treasury 32 30 28 159 131 { 272 47 8 0 0 5 6 6 5 4 54 1 7 9 59 1 4 7 5 2 8 0 9 Land, structures, and equipment, total 3.060 2,962 2,945 3,358 3,213 8,062 8,046 7,982 7,821 7,799 7,822 R Pu e b c l o i n c s H tru o c u t s i i o n n g F A i d n m an i c n e i s C tra o t r i p o o n ration4 1,4 6 4 3 8 0 1,3 6 5 1 2 1 1,2 6 4 0 8 5 1,2 5 5 9 1 4 1,1 1 7 9 3 9 1,0 1 1 7 8 5 8 96 80 64 64 64 Tennessee Valley Authority 793 830 886 1,048 1,251 1,475 1,739 1,781 1,812 1,823 1,829 Federal Maritime Board and Maritime Adm3. 4,834 4,798 4,749 4,807 4,812 4,822 Other agencies 9 189 168 206 465 590 561 1,412 ! 1,372 1,137 1,100 1,107 Bonds, notes, and debentures payable (not guaranteed), total 965 772 1,190 1,369 1,330 1,182 1,068 1,561 1,840 | 2,086 2,379 Banks for cooperatives 70 78 110 170 181 150 156 | 139 123 I 160 185 Federal intermediate credit banks 480 490 520 674 704 619 640 ! 713 811 ! 821 665 Federal home loan banks 415 204 560 525 445 414 272 i 139 336 i 534 958 Federal National Mortgage Assn \ 570 570 570 570 For footnotes see following page. 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FEDERAL CREDIT AGENCIES 621 PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENT CORPORATIONS AND CREDIT AGENCIES [Based on compilation by Treasury Department. In millions of dollars] Liabilities, other than Assets, other than interagency items i interagency items Date, and corporation or agency Loans m C ti o o e m d s, i - - I m nv e e n s t t s - L st a ru n c d - , Other B tu a o r n n e d s d s d p , e a n b y o e a t n b e - l s e , Other G i U n o . t e v S r t - . . o v in P w a t t r n e e i- r l e y - d Total Cash c a e b i l v e - m p r a l i a n i a e t d l e s s , - G U s ri e o t . c i S v e u . t s - . O s ri e t t c h ie u e s - r e m a q n u e d n ip t - s a e s t - s a U G n b . t u e y a S e r . d - Other li i a ti b e i s l- est All agencies 1948—Dec. 31 21,718 63011,692 627 1,854 3,518 3,060 337 38 965 1 66318 886 166 1949_Dec. 31 23,733 44112,733 1,549 2,047 3,492 2,962 509 28 772 1,720 21,030 183 1950—Dec 31 24,635 64213,228 1,774 2,075 3,473 2,945 499 23 1,190 1,193 21,995 234 1951—Dec. 313 26,744 93114,422 1,461 2,226 3,463 3,358 882 43 1,369 1 16123 842 329 1952—Dec. 313 29,945 944 17,826 1,280 2,421 3,429 3,213 832 53 1,330 1,728 26,456 378 1953—Dec. 31 3 38,937 1,190 19,883 2,514 2,602 3,425 8,062 1,261 75 [,182 3,818 33,429 434 1954—Dec. 31 41,403 1,371 19,348 3,852 2,967 3,432 8,046 2,387 33 1,068 4,183 35,610 508 1955—Mar. 31 41,996 1,375 19,782 3,612 3,187 3,429 7,982 2,629 31 ,561 4,013 35,848 543 June 30 40,639 24418 927 3,476 3,108 3,430 7,821 2 634 41 840 3 01935 171 568 Sept. 30 41,183 ,456 19,061 4,129 2,909 3,414 7,799 2 415 43 2 086 2 on 36 460 583 Dec. 31 45,304 .33820,238 4,356 3,236 3,414 7,822 4 900 44 2,379 2,703 39 583 596 Classification by agency Dec. 31, 1955 Farm Credit Administration: 450 30 372 43 5 185 2 231 31 783 21 689 63 9 665 8 110 Production credit corporations 45 42 2 45 13 1 12 12 Department oi Agriculture: 2,469 9 2,345 115 1 2 469 Commodity Credit Corporation 7,329 24 2,544 3,747 149 865 1,280 6,049 Farmers Home Administration 668 54 587 (5) 1 (5) 26 1 667 Federal Crop Insurance Corp 17 15 2 5 13 Federal Home Loan Bank Board: Federal home loan banks 2 231 62 1 417 745 2 (5) 5 958 712 562 Federal Savings and Loan Insurance Corp 250 1 241 8 11 239 ••«•• Housing and Home Finance Agency: Public Housing Administration 313 26 92 64 131 27 285 Federal Housing Administration 629 31 65 38J 1 1 150 44 185 400 Federal National Mortgage Association 2 741 81 2 638 (5) 22 570 33 2 135 3 Office of the Administrator 756 73 261 386 36 8 748 Small Business Administration 57 4 51 (5) 2 56 Fxport-lmport Bank 2,761 9 2,725 1 26 71 2,691 Federal Deposit Insurance Corp 1,734 4 1,720 10 94 1,640 Tennessee Valley Authority 2 006 140 1 829 12 41 1 965 Federal Maritime Board and Maritime Adm 5,507 356 261 44 4,822 24 147 5,360 Panama Canal Company.... 464 25 12 421 6 13 451 Veterans Administration 673 154 481 3 2 32 9 664 Department of the Treasury 10,685 100 3,825 20 3,408 20 3,312 8 10,676 International Cooperation Administration 1 .774 2 1,767 5 1 774 All other 950 115 106 504 127 98 46 904 1 Loans by purpose and agency are shown on a gross basis; total loans the Export-Import Bank, and the Treasury assumed responsibility for and all other assets are shown on a net basis, i.e., after reserve for losses. completing liquidation of other activities. 2 Includes figures for the Regional Agricultural Credit Corporation, the 5 Less than $500,000. assets and liabilities of which have been administered by this agency 6 Figures represent largely the Treasury loan to United Kingdom and since dissolution of the RACC in 1949. through 1952 are based in part on information not shown in Treasury 3 Changes in coverage over the period for whi:h data are shown are as compilation. follows: exclusion of the Home Owners' Loan Corporation after June 7 Figure not published in Treasury compilation, but derived by Federal 1951, when U. S. Govt. interest was repaid; and inclusion of the Mutual Reserve. See also footnote 3. Security Agency (superseded by the Foreign Operations Administration 8 Effective July 1, 1954, the public war housing program of the PHA and later by the International Cooperation Administration) beginning (represented largely by land, structures, and equipment) and several June 1952 and of the Federal Maritime Board and Maritime Administra- small housing programs managed by the Office of the Administrator, tion beginning June 1953. Housing and Home Finance Agency, were designated to be liquidated by 4 The RFC Liquidation Act approved July 30, 1953 (67 Stat. 230) the Office of the Administrator, shown under other agencies. terminated the RFC's lending authority, effective Sept. 28, 1953. Its 9 Beginning 1951, includes figures for Panama Canal Company, a nev« lending activities under the Federal Civil Defense Act of 1950 and the corporation combining the Panama Railroad Company (included in Defense Production Act of 1950 were transferred to the Treasury on that earlier Treasury compilations) and the business activities of the Panama date. When the Corporation went out of existence on June 30, 1954, Canal (not reported prior to that time). See also footnote 8. certain loans, securities, and other assets were transferred to the Federal NOTE.—Statement includes certain business-type activities of the U. S. National Mortgage Association, the Small Business Administration, and Government. Figures for some agencies—usually small ones—may be for dates other than those indicated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL FINANCE SUMMARY OF FEDERAL FISCAL OPERATIONS [On basis of U. S. Treasury statements and Treasury Bulletin. In millions of dollars j Derivation of Federal Government cash transactions Receipts from the public, Payments to the public, Net Federal cash borrowing or other than debt other than debt repayt. (—) of borrowing Excess of rects. Period B re u N c d e t g s t e . t T P r f e u l r c u n u t s d s s : t . t I G r L n a e o n t s r v s s a t , : - . i E p T r f q u e r t u o b o h c a t m l t e a s i l c s l . : 2 B p t e u u e n d x re d g - s i e - t p T t P f e u u e r l n r x n u u e d - s d s s i : t - A m L d e e j s n u s t s : s t - 3 E p p t T q o u a u o b y t a t h l t a i l s e s c l . : t p p f o u r a t o o ( h b y m - r e l t i s ) c , , . & ( c c ( o - r d d a r r e I ) e i g e n a r a , d b e e s - i s e n t c e n e - t , .) t a r i G g n . N e v f o n u . e v . n t b t & d . L y s ess: O d n c e a o th b s n h e t - 4 r b E T i o n c q N r a g u - r s e o a T o h t w l r s - : Cal. year—19545 61,171 9,570 2,101 68,580 64,854 7,598 2,786 69,667 -1,087 3,511 1,583 752 1,173 1955 63,358 10,624 2,511 71,448 66,129 9,331 3,272 72,188 -739 3,494 2,476 566 458 Fiscal year—19535 64,825 8,929 2,199 71,499 74,274 5,288 2,790 76,773 -5,274 6,940 3,300 722 2,919 1954 64,655 9,155 2,110 71,627 67,772 7,204 3,117 71,860 -232 5,186 2,055 618 2,512 1955 60,390 9,536 2,061 67,836 64,570 8,546 2,568 70,548 -2,712 3,996 1,533 644 1,819 Semiannual totals: 1953—July-Dec. 5... 25,757 3,953 847 28,833 34,484 3,217 722 36,979 -8,146 9,196 860 313 8,023 1954—Jan.-June 38,898 5,202 1,262 42,795 33,288 3,987 2,394 34,881 7,914 -4,010 1,195 305 -5,511 July-Dec 22,272 4,368 839 25,785 31,566 3,611 392 34,786 -9,001 7,521 388 447 6,684 1955—Jan.-June 38,118 5,168 1,222 42,051 33,CO4 4,935 2,176 35,762 6,289 -3,525 1,145 197 -4,865 July-Dec, . . 25,240 5,456 1,289 29,397 33,125 4,396 1,096 36,426 -7,028 7,019 1,331 369 5,323 Monthly: 1955—Apr 3,732 528 78 4,180 5,228 1,070 362 5,936 -1,756 2,630 -413 37 3,007 May 4,438 1,320 59 5,697 5,356 736 -246 6,338 -641 860 581 39 239 June 10,125 1,675 926 10,872 6,753 750 1,188 6,313 4,559 -2,860 1,092 40 -3,992 July 2,765 745 394 3,113 5,382 752 571 5,562 -2,449 3,237 119 114 3,004 Aug 4,734 1,502 158 6,076 6,225 727 42 6,910 -834 845 945 31 -130 Sept 5,498 721 77 6,141 5,340 688 -88 6,117 25 -774 -359 40 -454 Oct 2,692 505 151 3,044 5,355 900 436 5,819 -2,775 2,621 -109 14 2,717 Nov 4,662 1,142 62 5,741 5,172 668 40 5,800 -59 490 605 40 -154 Dec 4,889 841 447 5,282 5,651 663 95 6,218 -936 599 130 130 340 1956—Jan 4,684 371 90 4,964 5,274 904 608 5,570 -606 -722 -87 83 -717 Feb 6,195 1,009 62 7,140 4,950 870 142 5,679 1,462 238 210 3 25 Mar 11,313 757 86 11,981 5,399 761 295 5,864 6,116 -3,714 131 -14 -3,832 Apr.? 4,082 871 107 4,842 5,387 1,006 398 5,996 -1,154 -545 -364 15 -196 Effects of operations on Treasurer's account Operating transactions Financing transactions Cash balances: Account of Treasurer of United inc., or dec. (—) States (end of period) Period Trust Net Net Increase, Deposits in s B d u ( u N e r o f d - p i e r ) c g l t u i e t s t ac d l f a c ( e u o t - u f i n i ) r m o c d n i u t - t c o R i l c e T i a a c r s t o e i h o n a n - s. i m o s a ( t G s i g b + a o u e o l r ) n i a n v k g o n s c t e a c f 6 . y t - e i i n & s a f n G e u v g c n . e o t F . r n d v e u ( b c s t d s - y . y 6 ) t . d ( p e d g - d u c i r ) o e r r b o , e e r b l s c a i i t s c n t se T o r H u e t a e s s l i u d d r e y a T c u c r r e e o a r u ' s s n - t Balance f ( B F u a a a v n . b n R d a l k e i s . l ) s - T A T L a r u x c o e r c a a y a t n s s n . - d O as n t s h e e t e ts r Fiscal yr.—1952 -4,017 3,490 -401 114 -3,456 3,883 -388 6,969 333 5,106 1,530 19535 -9,449 3,641 -250 -59 -3,147 6,966 -2,299 4,670 132 3,071 1,467 1954 -3,117 1,951 -46 -14 -1,609 5,189 257 2,096 6,766 875 4,836 1,055 1955 -4,180 990 -29 602 -1,362 3,115 -312 -551 6,216 380 4,365 1,471 Semiannual totals: 1953—July-Dec. 5... -8,728 736 -250 -139 -810 9,097 n.a. -94 4,577 346 3,358 873 1954—Jan.-June 5,611 1,217 204 125 -801 -3,908 n.a. 2,190 6,766 875 4,836 ,055 July-Dec -9,294 757 -689 -152 -412 7,490 -712 -1,587 5,180 563 3,461 1,156 1955—Jan.-June. ... 5,114 234 660 754 -950 -4,375 400 1,036 6,216 380 4,365 1,471 July-Dec -7,885 1,060 92 -139 -1,217 6,394 -24 -1,671 4,545 397 3,036 1,112 Monthly: 1955—Apr -1,496 -541 311 29 348 2,601 2 1,250 6,401 814 4,023 1,564 May -919 584 -262 36 -663 824 122 -522 5,880 649 4,054 1,177 June 3,372 925 363 38 -1,032 -3,098 232 336 6,216 380 4,365 1,471 July -2,617 -7 199 27 -254 3,210 -38 595 6,811 624 4,972 1,215 Aug -1,491 775 21 -994 725 95 -1,058 5,753 393 4,188 1,172 Sept 158 33 -90 -16 319 -833 -50 -378 5,376 554 3,638 1,184 Oct -2,663 -394 479 -55 236 2,341 6 -62 5,314 484 3,672 1,158 Nov -510 474 -53 -64 -378 319 -17 -195 5,119 477 3,538 1,104 Dec -761 178 -464 -33 -146 632 -20 -574 4,545 397 3,036 1,112 1956—Jan -590 -533 150 -2 373 -720 -29 -1,293 3,252 428 1,474 1,350 Feb 1,245 139 57 128 -140 60 -16 1,504 4,756 554 2,914 1,288 Mar 5,914 4 170 40 -69 -3,764 -28 2,316 7,072 534 5,345 1,193 Apr -1,305 -135 249 47 353 -556 13 -1,360 5,712 578 3,781 1,353 * Preliminary. n.a. Not available. and Treasury bills, (3) Budget expenditures involving issuance of Federal 1 Consist primarily of interest payments by Treasury to trust accounts securities, (4) cash transactions between Intl. Monetary Fund and Exand to Treasury by Govt. agencies, transfers to trust accounts representing change Stabilization Fund, (5) reconciliation items to Treasury cash, and Budget expenditures, and payroll deductions for Federal employees re- (6) net operating transactions of Govt. sponsored enterprises. tirement funds. 4 Primarily adjustments 2, 3, and 4 described in footnote 3. 2 Small adjustments to arrive at this total are not shown separately. 5 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. 3 Consist primarily of (1) intra-Governmental transactions as described 6 Excludes net transactions of Govt. sponsored enterprises, which are in footnote 1, (2) net accruals over payments of interest on savings bonds included in the corresponding columns above. 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FEDERAL FINANCE 623 DETAILS OF FEDERAL FISCAL OPERATIONS [On basis of Treasury statements and Treasury Bulletin unless otherwise noted. In millions of dollars] Budget receipts Selected excise taxes (Int. Rev. Serv. repts.) Adjustments from total Income and Budget receipts profits taxes Period B c u N e r i d e e p g - t t e s t O t T a ru g l r d s e a - t nsfe r r e s R r t o ' a t m a o i d l : e - nt f c u R e r o n i e e p f d - - t s s B c T u e r o d i e p t g - a t e l s t W he I i l n t d h d - 1 ivid O ua th l er 1 C ra o ti r o p n o - 1 ta c E x i x s e e - s 1 t p m a E l x o m e e n y s - t - 2 O ce r t i e h p - e ts r Liquor b T ac o c - o a t M a n i d l f e r r r s e s . - ' ' fund acct. Fiscal yr.—1952 61,391 3,569 738 2,302 67,999 18,521 11,359 21,467 8,893 4,562 3,197 2,549 1,565 2,824 19533... . 64,825 4,086 620 3,118 72,649 21,351 11,417 21,595 9,934 4,983 3,369 2,781 1,655 3,359 1954 64,655 4,537 603 3,377 73,173 21,635 10,747 21,523 10,014 5,425 3,829 r2 798 rl,581 3,127 1955 60,390 5,040 599 3,426 69,454 21,254 10,396 18,265 9,211 6,220 4,108 2,743 1,571 3,175 Semiannual totals: 1953—Jan.-June.... 37,703 2,195 311 2,700 42,910 11,347 8,481 13,773 4,931 2,740 1,637 1,299 810 1,786 July-Dec.3... 25,757 1,722 321 395 28,195 11,078 2,593 5,375 5,405 2,083 1,661 1,512 804 1,476 1954_ J ja u n l . y . - J D u e n c e.... 2 3 2 8 , , 2 89 7 8 2 2 2 , , 8 3 1 0 5 5 2 3 8 2 2 2 2,9 3 8 3 2 9 4 2 4 5 , , 9 2 7 3 8 9 1 1 0 0 , , 5 2 5 3 7 0 2 8 , ,1 3 5 2 4 3 1 3 6 , , 7 1 6 48 7 4 4 , , 6 5 0 2 9 7 2 3 , , 6 3 6 4 8 2 2 1 , , 1 72 6 4 8 1 1 , , 2 4 7 5 1 3 1 76 1 7 1 1 1 , , 6 4 5 8 1 0 1955—Jan.-June.... 38,118 2,735 277 3,087 44,215 11,024 8,073 14,498 4,684 3,552 2,384 1,290 805 1,694 July-Dec 25,240 2,927 318 496 28,981 11,312 2,699 4,109 5,052 3,283 2,526 1,524 792 1,890 Monthly: 1955—Apr 3,732 316 19 874 4,941 967 2,190 478 717 341 248 210 122 9 May 4,438 785 80 817 6,119 2,991 602 377 843 879 427 226 143 754 10,125 703 52 399 11,279 1,545 1,417 6,201 924 757 435 268 150 125 July 2,765 198 15 110 3,089 884 277 547 796 216 369 231 116 4,734 912 85 118 5,848 3,004 115 328 867 1,012 522 245 154 977 Sept 5,498 519 60 103 6,180 1,604 1,685 1,100 881 579 331 256 135 Oct 2,692 268 18 21 2,998 1,014 178 392 821 290 303 289 138 Nov 4,662 692 85 89 5,527 3,037 94 293 921 791 391 292 136 913 Dec 4,889 339 55 54 5,337 1,768 350 1,449 766 395 609 211 113 1956—Jan 4,684 163 17 51 4,915 939 2,152 424 799 212 389 179 139 Feb 6,195 646 85 231 7,158 3,732 795 460 846 972 353 212 128 1,005 Mar 11,313 512 54 620 12,499 1,893 769 8,109 826 572 330 246 137 Apr 4,082 567 15 897 5,562 810 2,555 509 750 586 352 n.a. n.a. Budget expenditures4 Major national security Agri- Vet- culture Period Total Totals D m D e i e l f i e p t n a t. r s , y e m s M e i c u li u t t u r a i r a t y y l A en t e o r m gy icfi a n I f a f n a n a n t i d l c r . s e In e t s e t r- ic e b s e r f e e s a i r n t n v s a e s - n - ' d w L a a e n l b f d o ar r e t a c a u r g u n e r r l a - d i - l - so N u r u r e a r a - t c l - es h m C o a u o e n s r m d i c n e - g g m G o e v r e e a e n n l r - t nsources Fiscal year: 1952 665,408 43,976 38,897 2,442 1,670 2,826 5,934 4,863 2,168 1,045 1,264 2 722 1,464 19533 74,274 50,363 43,611 3,954 1,791 2,216 6,583 4,298 2,426 2,936 1,364 2 612 1,474 1954 67,772 46,904 40 335 3,629 1,895 1,732 6,470 4,256 2,485 2,557 1 220 909 1,239 1955 64,570 40,626 35,533 2,291 1,857 2,181 6,438 4,457 2,552 4,411 1,081 1,622 1,201 Semiannual totals: 1955—July-Dec.?... 33,125 19,994 17,917 956 797 639 3,349 2,330 1,348 2,775 614 1,137 940 Monthly: 1955—July? 5,382 3,046 2,648 168 138 55 596 361 294 336 79 251 365 Aus 6,225 3,583 3,258 137 138 95 525 428 223 919 106 229 117 Sept 5,340 3,512 3,252 93 121 59 533 353 191 295 120 165 111 Oct 5,355 3,293 2,837 280 129 152 548 359 283 362 103 145 109 Nov 5,172 3,109 2,830 101 128 154 548 423 185 323 115 192 122 Dec 5,651 3,451 3,090 178 143 124 598 406 171 539 90 156 116 1956—jan 5,274 3 005 2 811 8 135 245 631 401 297 340 83 168 104 Feb 4,950 3,214 2,941 92 138 145 556 398 181 214 82 51 110 Mar 5,399 3,284 2,805 299 146 167 566 400 168 438 85 184 106 Apr.*3 5,387 3,232 2,860 195 145 153 572 405 226 502 69 113 115 v Preliminary. r Revised. n.a. Not available. 4 For a description of components, see the 1957 Budget of the United 1 Corporation and estate and gift taxes are from Internal Revenue States, pp. 1093-1102 and 1164-1165. Service reports prior to July 1953. Excise taxes and nonwithheld indi- 5 Includes stockpiling and defense production expansion not shown vidual taxes for that period are obtained by subtracting Internal Revenue separately. Service data from appropriate monthly Treasury statement totals. 6 Reflects deduction of $857 million to adjust to daily Treasury state- 2 Represents the sum of taxes for old-age insurance, railroad retire- ment basis. ment, and unemployment insurance. 7 Monthly figures not available prior to July 1955. 3 Beginning new reporting basis; see Treasury Bulletin, April 1954, p. A2. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL FINANCE UNITED STATES GOVERNMENT DEBT, BY TYPE OF SECURITY [On basis of daily statements of United States Treasury. In billions of dollars] Public issues 3 Marketable Nonmarketable E m n o d n t o h f T g de r o o b t s a t* s l d T d g i e r o r o b e t s a t c s 2 l t Total Certifi- Bonds C ve o r n t- - T an a d x S is p s e u c e ia s l Total Bills c i e n a d t d e n e s e b s o t s - f Notes B el a ig n i k - B r a e n - k bonds Totals b i o n n g d s s n i s o n a t g v e s - s stricted 1941 Dec 64 3 57 9 50.5 41.6 2.0 6 0 33.6 8.9 6.1 2.5 7 0 1945 Dec . .. 278.7 278.1 255.7 198.8 17.0 38.2 23.0 68.4 52.2 56.9 48.2 8.2 20.0 1947 Dec 257.0 256.9 225.3 165.8 15.1 21.2 11.4 68.4 49.6 59.5 52.1 5.4 29.0 1950 Dec 256 7 256 7 220 6 152.5 13.6 5 4 39 3 44.6 49.6 68.1 58.0 8 6 33.7 1951 Dec 259.5 259.4 221.2 142.7 18.1 29.1 18.4 41.0 36.0 12.1 66.4 57.6 7.5 35.9 1952—Dec 267.4 267.4 226.1 148.6 21.7 16.7 30.3 58.9 21.0 12.5 65.0 57.9 6.8 39.2 1953—Dec 275.2 275.2 231.7 154.6 19.5 26.4 31.4 63.9 13.4 12.0 65.1 57.7 6.0 41.2 1954 June 271.3 271.3 226.7 150.4 19.5 18.4 32.0 71.8 8.7 11.9 64.5 58.1 5.1 42.2 Dec 278.8 278.8 233.2 157.8 19.5 28.5 28.0 76.1 5.7 11.8 63.6 57.7 4.5 42.6 1955_May 277.5 277.5 232.6 158.4 19.5 17.0 40.7 81.1 11.7 62.5 58.3 2.8 42.2 June 274 4 274 4 228.5 155.2 19.5 13 8 40.7 81.1 11.7 61.6 58.4 1.9 43.3 July 277.6 277.6 231.6 158.6 19.9 16.0 40.7 81.9 11.7 61.4 58.4 1.7 43.3 Aus 278 4 278 3 231 5 158 9 20 3 9 0 47 6 81.9 11.6 61.0 58 5 1.2 44.2 Seot 277.5 277.5 231.0 159.5 20.8 9.0 47.7 81.9 11.5 60.0 58.3 .4 43.9 Oct 279.9 279.8 233.6 162.5 20.8 12.0 47.8 81.9 11.4 59.6 58.3 .1 43.7 Nov 280 2 280.1 233.6 162.6 20.8 12.0 47.8 81.9 11.4 59.6 58.3 .1 44.0 Dec 280.8 280.8 233.9 163.3 22.3 15.7 43.3 81.9 11.4 59.2 57.9 (6) 43.9 1956—Jan 280.1 280.0 233.6 163.3 22.3 15.7 43.4 81.9 11.3 58.9 57.6 (6) 43.6 Feb 280.2 280.1 233.6 163.4 22.3 15.7 43.4 81.9 11.3 59.0 57.7 43.7 Mar 276 4 276 3 229.7 159.5 20.8 20.8 36.0 81.9 11.2 59 0 57.7 (6) 43.7 Apr 275 8 275.8 229.7 159.6 20.8 20.8 36.1 81.9 11.2 59.0 57.7 43.4 May 276.8 276.7 229.6 159.6 20.8 20.8 36.1 81.9 11.1 58.9 57.7 44.3 1 Includes some debt not subject to statutory debt limitation (amounting 4 Includes Treasury bonds and minor amounts of Panama Canal and to $465 million on May 31, 1956) and fully guaranteed securities, not Postal Savings bonds. shown separately. 5 Includes Series A investment bonds, depositary bonds, armed forces 2 Includes noninterest-bearing debt, not shown separately. leave bonds, and adjusted service bonds, not shown separately. 3 Includes amounts held by Govt. agencies and trust funds, which 6 Less than $50 million. aggregated $8,171 million on Apr. 30, 1956. OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED [Par value in billions of dollars] Total Held by Held by the public gross U. S. Govt. debt agencies and E m n o d n t o h f i ( n i g n c g lu u d ar - - trust funds1 Federal Com- Mutual Insur- Other State Individuals Misc. a se n ti c t e e u s e r ) i d - S is p s e u c e ia s l P is u s b u l e i s c Total R B e a s n er k v s e m ba e n rc k i s a 2 l s b a a v n in k g s s p c a o n m ie - s r c a o t r io p n o- s g l o o v ca ts l . S b a o v n in d g s s se O cu th ri e ti r es i t n o v r e s s 3 - 1941_Dec 64.3 7.0 2.6 54.7 2.3 21.4 3.7 8.2 4.0 .7 5.4 8.2 .9 1945 Dec 278.7 20.0 7.0 251.6 24.3 90.8 10.7 24.0 22.2 6.5 42.9 21.2 9.1 1947_Dec 257.0 29.0 5.4 222.6 22.6 68.7 12.0 23.9 14.1 7.3 46.2 19.4 8.4 1950 Dec 256 7 33.7 5.5 217.5 20.8 61.8 10.9 18.7 19.7 8.8 49.6 16.7 10.5 1951—Dec 259.5 35.9 6.4 217.2 23.8 61.6 9.8 16.5 20.7 9.6 49.1 15.5 10.6 1952 Dec 267.4 39.2 6.7 221.6 24.7 63.4 9.5 16.1 19.9 11.1 49.2 16.0 11.7 1953—Dec 275.2 41.2 7.1 226.9 25.9 63.7 9.2 15.8 21.0 12.7 49.4 16.0 13.2 1954 June 271.3 42.2 7.1 222.0 25.0 63.6 9.1 15.3 16.4 13.9 49.5 15.5 13.7 Dec 278.8 42.6 7.0 229.2 24.9 69.2 8.8 15.0 19.3 14.4 50.0 r13.6 13.9 1955 Mar . .. 274.1 42.1 7.3 224.7 23.6 64.2 8.8 15.0 19.0 r14.6 50.2 '15.2 14.2 Apr 276.7 41.7 7.2 227.8 23.6 65.8 8.8 15.0 20.1 14.6 50.2 r15.2 14.4 May 277.5 42.2 7.2 228.1 23.7 64.8 8.8 14.9 21.2 14.7 50.2 r15.4 14.4 June........ 274.4 43.3 7.3 223.9 23.6 63.5 8.7 14.8 18.8 14.7 50.2 15.1 14.4 July 277.6 43.3 7.3 227.0 24.1 63.8 8.8 14.9 19.8 r14.9 50.2 r15.5 15 0 Aug 278.4 44.2 7.3 226.8 23.8 62.7 8.8 15.0 20.8 r14.9 50.3 r15.6 r15.0 Sept 277 5 43.9 7.3 226.3 23.8 62.1 8.7 15.0 20.6 r14.9 50.2 r15 9 r15 1 Oct 279.9 43.7 7.4 228.8 24.0 62.7 8 6 14.9 r22.3 r15.0 50.2 r15.8 r15.3 Nov 280.2 44.0 7.6 228.6 24.3 61.6 8.5 14.8 r23.2 r15.0 50.2 r15.5 15.4 Dec ... 280.8 43.9 7.8 229.1 24.8 62.0 8.5 14.3 '23.4 r15.1 50.2 r15.3 15.6 1956—Jan 280.1 43.6 8.1 228.4 23.5 60.5 8.5 14.2 r25.2 '15.3 50.3 r15.2 r15.7 Feb 280.2 43.7 8.1 228.4 23.5 59.5 8.5 13.9 '25.8 '15.4 50.4 r15.3 16.0 Mar 276.4 43.7 8.2 224.5 23.6 58.3 8.5 13.6 23.2 15.5 50.4 15.4 16.0 ' Revised. 3 Includes savings and loan associations, dealers and brokers, foreign * Includes the Postal Savings System. accounts, corporate pension funds, and nonprofit institutions. 2 Includes holdings by banks in territories and insular NOTE.—Reported data for Federal Reserve Banks and U. S. Govt. which amounted to $250 million on Dec. 31, 1955. agencies and trust funds; Treasury Department estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

625 FEDERAL FINANCE UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES OUTSTANDING, MAY 31, 19561 [On basis of daily statements of United States Treasury. In millions of dollars] Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills2 Certificates—Cont. Treasury notes—Cont. Treasury bonds—Cont. J Ju u n n e e 1 7 4 , , 1 1 9 9 5 5 6 6 , , 1 1 , , 6 6 0 0 0 0 D Fe e b c . . 1 1 5, , 1 1 9 9 5 5 6 7 2 2 Y % 8 9 7, , 2 0 1 8 9 3 A O p ct r . . 1 1 , , 1 1 9 9 6 6 0 0 I \ V y2 i 2 1 7 9 8 8 A Ju u n g e . 1 1 5 5 , , 1 1 9 9 6 6 3 2 -67... 2 2 1 y / 2 6 , , 1 7 1 5 5 5 June 21, 1956 1,601 Apr. 1,1961 IV2 19 Dec. 15, 1963-68... 2V; 2,825 June 28, 1956 1,600 Treasury notes June 15, 1964-69... 2M 3,752 July 5,1956 , 1,600 Aug. 15, 1956 2 12,547 Treasury bonds Dec. 15, 1964-69... 2M 3,828 J J u u l l y y 1 1 9 2 , , 1 1 9 9 5 5 6 6 1 1 , , 6 6 0 0 1 0 O M c a t r . . 1 1 5, , 1 1 9 9 5 5 6 7 2 \ % y2 2,9 5 9 5 7 0 . S M e a p r t . . 1 1 5 5 , , 1 19 9 5 5 6 6 - - 5 5 9 8 4 .. . . . 2 23 V 4 2 1,4 9 4 8 9 2 M M a a r r . . 1 1 5 5 , , 1 1 9 9 6 6 5 6 - - 7 7 0 1 . . . . . . 2 2 * Y / 4 2 , , 7 9 1 5 5 8 A A A A A Ju u u u u u ly g g g g g . . . . . 2 3 2 1 2 9 3 0 6 6 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 6 6 6 6 6 6 , 1 1 1 1 1 1 , , , , , , 6 6 6 6 6 6 0 0 0 0 0 0 1 1 0 0 0 2 A A A J M O u u p p c a n t g r r y e . . . . 1 1 1 1 1 5 5 5 1 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 8 7 7 8 7 7 2 I P 1 W / % 2 2 2 4 4 3 , , , 1 3 7 5 8 3 5 9 9 3 8 2 5 2 2 1 3 4 D J S J M J u u u e e a n n n p c r e e e t . . . 1 1 1 1 1 1 5 5 5 5 5 5 , , , , , , 1 1 1 1 1 1 9 9 9 9 9 9 5 5 5 5 5 5 8 8 8 7 6 9 - - - - 6 5 5 6 3 9 9 2 5 . . . . . . . . . . . 2 2 2 2 2 2 Y 3 1 1 3 V 4 4 4 % / 2 8 4 2 5 3 , , , , 2 3 8 2 9 9 4 2 6 7 2 1 5 1 8 5 7 9 D J J S F u u e e e n n p b c e e . t . . 1 1 1 1 1 5 5 5 5 5 , , , , , 1 1 1 1 1 9 9 9 9 9 9 6 7 6 6 5 8 7 7 7 - - - - 8 7 7 7 3 2 2 2 . . . . . . . . . . . . 2 2 2 3 V ! V V / i . I i 2 2 3 1 1 , , , , , 7 7 7 8 6 9 4 1 7 0 7 5 6 5 6 Oct. 1,1958 1 121 Dec. 15, 1959-62... 2V4 3,463 Panama Canal Loan.... 3 50 Certificates Feb. 15, 1959 V 5,102 Nov. 15, 1960 2V& 3,806 June 22, 19563 2 1,486 Apr. 1, 1959 P 119 Dec. 15, 1960-65 5.. 2 34 1,485 Convertible bonds June 22, 19563 2V4 2,970 Oct. 1. 1959 99 Sept. 15, 1961 234 2,239 Investment Series B Nov. 15, 1961 21/2 11,177 Apr. 1, 1975-80.... 234 11,126 1 Direct public issues. 3 Tax anticipation series. 2 Sold on discount basis. See table on Money Market Rates, p. 617. 4 Called for redemption; partially tax-exempt. 5 Partially tax-exempt. OWNERSHIP OF UNITED STATES GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES 1 [On basis of Treasury Survey data. Par value in millions of dollars] Marketable and convertible securities, by type Marketable securities, by maturity class Type of holder and date Total Bills C c e a r t t e if s i- Notes M bo a a n b r d k le s e 2 t- v b e C o r o t n i n d b - s le Total W 1 i y th e i a n r y 1 e - a 5 rs y 5 e - a 1 r 0 s O y v e e a r r s 10 All holders: 1953—June 30 159,675 19,707 15,854 30,425 81,349 12,340 147,335 64,589 32 330 18,677 31,739 1954 June 30 162,216 19,515 18,405 31,960 80,474 11,861 150,354 60,123 27,965 30,542 31,725 1955—June 30 166 882 19,514 13,836 40,729 81 128 11 676 155 206 49,703 38 188 33,687 33.628 Dec. 31 174 639 22,313 15,741 43,285 81,912 It 387 163 251 60,631 38 307 31,365 32,949 1956—Feb. 29 174,636 22,315 15,741 43,388 81,906 11,286 163,350 60,633 38 409 31,364 32,944 Mar. 31 170,759 20,813 20,759 36,036 81,902 11,248 159,510 57,669 37,538 31,363 32,941 U. S. Govt. agencies and trust funds: 1953_june 30 6 899 106 30 23 3 300 3 439 3 460 163 152 422 2,723 1954—June 30 6 985 46 41 64 3,395 3 439 3 546 107 205 494 2,740 1955 June 30 7,162 40 8 119 3,556 3,439 3.723 74 199 506 2.944 Dec 31 7 676 338 47 304 3 548 3 439 4 237 422 373 426 3,016 1956—Feb 29 7 985 507 81 421 3,537 3 439 4 546 701 414 404 3,026 Mar 31 8,032 366 216 504 3,529 3,418 4,614 720 470 404 3,021 Federal Reserve Banks: 1953—June 30 24 746 1,455 4,996 13,774 4 522 24 746 15,505 6 452 1,374 1 415 1954 June 30 25 037 2 316 6,600 13 029 3 093 25 037 16 280 6 307 1,035 1 415 1955—June 30 23,607 886 8,274 11,646 2,802 23,607 17,403 3,773 1.014 1.415 Dec 31 24 785 1,722 6,002 14,259 2 802 24 785 20,742 1,614 l|014 1 415 1956—Feb 29 23 482 543 5,937 14,200 2 802 23 482 19,464 1 590 1,014 1 415 Mar. 31 23 636 734 10,941 9,159 2,802 23,636 19,620 1,587 1,014 1,415 Commercial banks: 1953 June 30 51,365 4,411 4,351 10,355 32,066 182 51,183 19,580 18,344 8,772 4,488 1954—June 30 56 199 4 187 4,942 11,423 35 481 165 56 034 17,684 14 624 18,741 4,985 1955 June 30 55,667 2,721 1,453 15,385 35,942 164 55,503 7,187 21,712 21,110 5,494 Dec 31 53 956 3 562 1,951 12,853 35 431 157 53 798 7,733 22 003 19,483 4 579 1956—Feb. 29 51 916 2,493 1,578 12,589 35,099 157 51,759 6,142 21,692 19,403 4,523 Mar 31 50,791 1,875 1,668 12,146 34,944 158 50,633 5,801 21,010 19,166 4,655 Mutual savings banks: 1953—June 30 8,816 120 87 62 7,232 1,314 7,502 476 464 1,395 5,167 I954—June 30 8,353 98 101 221 6.669 1,265 7,089 294 476 1,389 4,930 j955 June 30 8,069 84 53" 289 6,422 1,222 6,848 164 533 1,405 4,746 Dec 31 7 856 128 47 322 6 170 1 189 6 667 208 570 1,335 4,554 1956—Feb 29 7 893 160 45 324 6 190 1,174 6 719 254 565 1,332 4,568 Mar. 31 7,901 135 39 364 6,192 1,170 6,731 254 578 1,339 4,560 Insurance companies: 1953 June 30 14,155 460 337 534 9,339 3,486 10,669 1,472 1,023 1,849 6,325 1954—June 30 13 520 622 209 691 8 805 3 193 10 327 1,190 1 045 2,171 5,921 1955_ D ju e ne c . 3 3 0 1 1 1 3 2 6 1 6 1 7 7 5 6 1 3 5 0 7 8 4 3 7 8 8 4 9 2 8 8 , , 2 4 8 7 6 9 2 3 , , 9 1 4 4 1 5 9 9 .9 7 7 2 2 6 6 8 9 1 4 0 1 1 , , 3 5 3 0 9 2 2 1 , ,8 0 4 2 0 7 5 5 , , 6 7 8 9 9 6 1956—Feb. 29 12 299 369 80 863 8,128 2,859 9,440 565 1,485 1,844 5,546 Mar 31 12,023 226 83 814 8,055 2,845 9,178 472 1,385 1,846 5,474 Other investors: 1953_june 30 53 694 13,155 6,052 5,678 24,890 3,919 49,775 27,393 5,895 4,865 11,621 I954—June 30 52,121 12.248 6,511 6.531 23,032 3,800 48,322 24,568 5,308 6,711 11,734 1955—June 30 59,260 15,153 3,973 12,502 23,927 3,706 55,554 24,062 10,633 7,626 13.233 Dec 31 67 700 16 047 7,612 14,705 25,675 3,661 64,039 30,831 12,245 7,267 13.696 1956— Feb. 29 71 059 18,243 8,020 14,989 26,150 3,656 67,403 33,506 12,664 7,368 13,866 Mar 31 68,376 17,477 7,813 13,049 26,380 3,657 64,720 30,802 12,508 7,594 13,816 1 Direct public issues. panies included in the survey account for over 90 per cent of total holdings 2 Includes minor amounts of Panama Canal and Postal Savings bonds. by these institutions. Data are complete for U. S. Govt. agencies and NOTE.—Commercial banks, mutual savings banks, and insurance com- trust funds and Federal Reserve Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 SECURITY ISSUES NEW SECURITY ISSUES 1 [Securities and Exchange Commission estimates. In millions of dollars] Gross proceeds, allissuers 2 Propo a s ll e d c o u r s p e o s r a o t f e n is e s t u p e r r o s c 6 eeds Noncorporate Corporate New capital Year or Remonth Total G U o . v S t . .3 ag F e e e r n a d c l - y 4 S n m a p t i n a c a u d t i l - e - Others Total Total o B P f l f o i u e c n r l b y e d - d s p v l P a a t r c e i e l - y d f s e P t r o r r e c e - k d C s m t o o o m c n k - Total m N on e e w y 7 p l M p c a o o u e n u s i r l s e e s - - - s - b d m e t R i e t a o r e c b n e f e . n - k t - 8 t , m s r t i e i o t r e c i f e e n u - s t - 1939 5,687 ?,332 13 1,128 50 2,164 1 980 1,276 703 98 87 420 325 26 69 1,695 1941 15,157 11,466 38 956 30 2,667 2,390 1,578 811 167 110 1,041 868 28 144 1,583 1945 54,712 47 353 506 795 47 6,011 4,855 3,851 1,004 758 397 1,347 1,080 133 134 4,555 1948 . 20 250 10327 2 690 156 7 078 5 973 2 965 3 008 492 614 6 652 5,929 234 488 307 1949 21,110 11,804 216 2 907 132 6 052 4,890 2 437 2,453 425 736 5,558 4,606 315 637 401 1950 19,893 9,687 30 3,532 282 6 361 4,920 2,360 2,560 631 811 4,990 4,006 364 620 1,271 1951 21.265 9 778 110 3,189 446 7,741 5,691 2,364 3,326 838 1,212 7,120 6,531 226 363 486 1952 ^6 929 P ,577 459 4 121 237 9 534 7 601 3,645 3,957 564 1 369 8,716 8,180 537 664 1953 28,824 ,957 106 5,558 306 8 898 7,083 3,856 489 1,326 8,495 7,960 535 260 1954 29,765 1?,532 458 6,969 289 9,516 7,488 4,003 3,484 816 1,213 7,490 6,780 709 1,875 1955 '26,772 9 628 746 5,977 182 10,240 '7,420 '4,119 '3,301 '635 '2,185 '8,821 '7,957 '864 1,227 1955—Apr '1,643 535 429 15 '664 '463 297 166 54 '147 '478 '429 50 169 Mi ay '4,382 3 020 30 350 2 '981 '675 465 '210 '96 '210 '886 '774 112 74 June '1 919 496 651 4 '768 '504 '186 '319 '58 206 '687 '611 '76 '64 July '2,504 1 265 470 17 '753 '589 136 '453 53 111 '597 '526 '70 143 Aug '1 638 509 259 r(9) '870 '655 '491 '163 '15 200 '644 '614 '30 '208 Sept '1,627 481 407 s '736 '560 '301 '259 82 '94 '670 '559 111 '52 Oct '2,646 461 926 9 '1,250 '1,046 858 188 43 '161 '1,162 1,074 '88 '71 Nov '1 840 438 661 33 '708 '431 '155 '85 '193 '632 '590 '42 '62 Dec '1,913 466 415 51 '980 '835 '336 '499 '39 '107 '900 r793 108 '63 1956—Jan... 1 710 645 407 38 621 529 141 388 19 73 579 496 83 32 Feb 1,998 544 709 744 478 149 128 139 704 664 40 26 Mar 1,787 518 '401 9 861 675 393 282 42 143 790 762 28 56 Apr 1,751 453 60 370 58 811 572 340 232 31 209 746 674 72 48 Proposed uses of net proceeds, major groups of corporate issuers Year or Manufacturing C m om is m ce e l r la c n ia e l o a u n s d Transportation Public utility Communication a R nd e a f l in e a s n ta c t i e al month Retire- Retire- Retire- Retire- Retire- Retire- New ment of New ment of New ment of New ment of New ment of New ment of capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital10 secu- capital i° securities rities rities rities rities rities 1948 2,126 54 382 21 691 56 2,005 144 890 2 557 30 1949 1,347 44 310 28 784 11 2,043 233 517 49 558 35 1950. . 1,026 149 474 63 609 196 1,927 682 314 81 639 100 1951 2,846 221 462 56 437 53 2,326 85 600 5 449 66 1952 3,712 261 512 24 758 225 2,539 88 747 6 448 60 1953 2,128 90 502 40 553 36 2,905 67 871 3 1 536 24 1954 2,044 190 831 93 501 270 2,675 990 651 6C 788 273 1955 '2,397 '533 '769 '51 '544 '338 '2,254 '174 '1,045 '77 '1 812 '56 1955—Apr 123 '31 '38 1 18 89 178 36 12 6 110 6 J A J M u u u l n a s y y e ' ' ' 1 1 2 3 5 1 5 1 5 5 1 4 1 ' ' 4 5 5 ' 0 8 5 2 1 ' ' ' 0 4 3 6 9 9 7 3 V 1 '9 , ' ' 2 5 4 5 9 5 5 5 "" '1 ' 4 3 1 1 " '2 2 1 '8 3 6 0 4 1 0 3 V 1 1 6 1 , ' '9 3 4 2 1 2 5 4 r r ' ( ( 3 9 9 2 ) ) 1 '2 1 ' 4 7 7 7 3 6 2 7 r( ' 9 1 4 ) Sept . 166 19 '68 '4 50 '4 208 13 19 1C 158 3 Oct '85 '1 '56 14 '54 '52 166 1 694 107 '3 Nov '149 '32 '70 6 '17 4 '268 '12 40 r88 8 Dec '287 '54 '79 '4 130 1 '269 '2 '35 '3 100 r(9) 1956—Jan 180 26 45 % 2 26 1 63 3 263 2 Feb 197 23 41 1 39 1 196 37 194 1 Mar 249 22 48 3 71 10 187 103 132 3 Apr 265 45 23 1 47 1 246 1 15 151 1 r Revised. of flotation, i.e., compensation to underwriters, agents, etc., and expenses. 1 Estimates of new issues sold for cash in the United States. 7 Represents proceeds for plant and equipment and working capital. 2 Gross proceeds are derived by multiplying principal amounts or num- 8 Represents proceeds for the retirement of mortgages and bank debt ber of units by offering price. with original maturities of more than one year. Proceeds for retirement of 3 Includes guaranteed issues. short-term bank debts are included under the uses for which the bank 4 Issues not guaranteed. debt was incurred. 3 Represents foreign government, International Bank, and domestic 9 Less than $500,000. •leemosynary and other nonprofit. 1 o Represents all issues other than those for retirement of securities. 6 Estimated net proceeds are equal to estimated gross proceeds less cost Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS FINANCE 627 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS [In millions of dollars] Annual Quarterly Industry 1954 1955 1956 1950 1951 1952 1953 1954 1955' -t- Manufacturing Total (200 corps.): Sales 45,78752,940 54,517 63,34358,110 69,44313,55215,22216,59917,92916,88718,02818,100 Profits before taxes 8,176 8,869 7,308 8,375 7,24410,226 1,578 1,919 2,452 2,767 2,388 2,619 2,598 Profits after taxes 4,222 3,548 3,192 3,649 3,825 5,221 810 1,106 1,215 1,392 1,206 1,408 1,282 Dividends 2,339 2,075 2,073 2,154 2,384 2,827 533 788 575 577 659 1,015 704 Nondurable goods industries (94 corps.): * Sales 16,252 18,916 19,266 20,694 20,620 23,065 5,059 5,426 5,509 5,742 5,776 6,037 6,094 Profits before taxes 2 947 3~, 4'4 7*~2 ,~85 —3 3,~02 —8 ,-75 —3 3,-40 8— 667 682 801 849 869 889 900 Profits after taxes 1*661 1,533 1,392 1,526 ,581 1,916 380 422 442 471 483 520 495 Dividends 977 925 946 972 ,064 1,202 243 348 256 260 283 402 290 Durable goods industries (106 corps.):2 Sales 29,535 34,024 35,25142,649 37,490 46,378 8,493 9,79611,09012,187,11,11111,99012,006 Profits before taxes 5,229 5,422 4,455 5,346 ,491 6,818 911 1,237 ',651 1,919 1,518 1,730 1,699 Profits after taxes 2,560 2,015 1,800 2,123 ,244 3,305 430 684 773 920 723 888 787 Dividends 1,362 1,149 1,127 1,182 ,320 1,625 290 440 319 317 376 613 414 Selected industries: Foods and kindred products (28 corps.): Sales 4,402 4,909 5,042 5,411 5,476 5,813 1,353 1,435 1,358 1,462 1,491 1,502 1,531 Profits before taxes 532 473 453 465 462 499 122 110 99 131 139 129 123 Profits after taxes 289 227 203 212 224 245 59 57 46 63 68 68 55 Dividends 161 159 154 154 156 160 39 46 36 36 39 50 37 Chemicals and allied products (26 corps.): Sales ,817 5,882 5,965 6,373 6,182 7,222 1,517 1,623 1,721 1,811 1,799 1,891 1,879 Profits before taxes ,178 1,490 1,259 1,308 1,153 1,535 277 313 366 381 390 399 385 Profits after taxes 597 521 486 520 593 782 137 174 182 193 198 209 195 Dividends 467 381 396 417 499 597 103 194 114 115 134 234 138 Petroleum refining (14 corps.): Sales 4,359 5,078 5,411 5,883 6,015 6,556 1,473 1,562 1,566 1,613 1,632 1,745 1,764 Profits before taxes 712 911 728 841 751 854 181 152 210 200 218 226 248 Profits after taxes 492 560 524 603 567 624 140 132 150 147 156 172 174 Dividends 236 262 283 290 294 317 73 77 77 77 83 82 Primary metals and products (39 corps.): Sales ,44812,50711,564 13,750 11,52214,927 2,715 2,874 3,300 3,858 3,746 4,024 4,162 Profits before taxes ,706 2,098 1,147 1,817 1,357 2,375 300 400 487 633 582 674 692 Profits after taxes 857 778 564 790 705 1,194 149 231 241 313 290 350 343 Dividends 378 382 369 377 407 522 92 125 114 108 118 182 141 Machinery (27 corps.): Sales 5,049 6,168 7,077 8,005 7,745 8,110 1,866 2,024 1,953 2,045 1,977 2,135 2,168 Profits before taxes 847 1,000 971 1,011 914 894 201 222 229 251 208 206 200 Profits after taxes 424 365 375 402 465 458 102 138 110 120 103 124 75 Dividends 208 192 199 237 263 281 64 76 67 66 67 81 78 Automobiles and equipment (15 corps.): Sales 12,70713,03816,61114,13718,825 2,963 3,850 4,791 5,101 4,246 4,688 4,578 Profits before taxes 1,950 1,982 2,078 1,789 3,023 299 510 825 894 589 715 690 Profits after taxes 717 709 758 863 1,394 126 261 369 418 261 346 312 Dividends 486 469 469 536 693 108 198 109 114 161 309 162 Public Utility Railroad: Operating revenue 9,47310,39110,58110,664 9,371 10,106 2,366 2,395 2,305 2,524 2,634 2,643 2,535 Profits before taxes 1,385 1,260 1,451 1,404 900 1,342 226 319 259 358 370 355 252 Profits after taxes 784 693 832 871 674 925 172 277 175 242 243 265 164 Dividends 312 328 338 412 379 421 74 136 101 90 74 156 111 Electric power: Operating revenue 5,528 6,058 6,549 7,136 7,610 8,395 1,831 1,976 2,169 1,999 2,034 2,193 2,422 Profits before taxes 1,313 1,482 1,740 1,895 2,049 2,304 478 513 636 523 535 594 710 Profits after taxes 822 814 947 1,030 1,140 1,247 264 288 341 296 284 326 374 Dividends 619 651 725 780 857 930 211 224 225 229 229 247 247 Telephone: Operating revenue 3,342 3,729 4,136 4,525 4,902 5,425 1,233 1,285 1,298 1,340 1,368 1,419 1,439 Profits before taxes 580 691 787 925 1,050 1,282 262 284 306 315 325 336 339 Profits after taxes 331 341 384 452 525 638 141 143 152 156 161 169 169 Dividends 276 318 355 412 448 496 112 116 118 122 126 130 132 r Revised; revisions are for manufacturing only. quarterly figures on operating revenue and profits before taxes are partly 1 Includes 26 companies in groups not shown separately, as follows: estimated by the Federal Reserve to include affiliated nonelectric operatextile mill products (10); paper and allied products (15); miscellaneous (1). tions. 2 Includes 25 companies in groups not shown separately, as follows: Telephone. Revenues and profits are for telephone operations of the building materials (12); transportation equipment other than automobile Bell System Consolidated (including the 20 operating subsidiaries and (6); and miscellaneous (7). the Long Lines and General departments of American Telephone and Telegraph Company) and for two affiliated telephone companies, which NOTE.—Manufacturing corporations. Sales data are obtained from together represent about 85 per cent of all telephone operations. Divithe Securities and Exchange Commission; other data from published dends are for the 20 operating subsidiaries and the two affiliates. Data company reports. are obtained from the Federal Communications Commission. Railroads. Figures are for Class I line-haul railroads (which account All series. Profits before taxes refer to income after all charges and for 95 per cent of all railroad operations) and are obtained from reports before Federal income taxes and dividends. For detailed description of of the Interstate Commerce Commission. series, see pp. 662-666 of the BULLETIN for June 1949 (manufacturing); Electric power. Figures are for Class A and B electric utilities (which pp. 215-217 of the BULLETIN for March 1942 (public utilities); and p. 908 account for about 95 per cent ©f all electric power operations) and are of the BULLETIN for September 1944 (electric power). obtained from reports of the Federal Power Commission, except that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 BUSINESS FINANCE CORPORATE PROFITS, TAXES, AND DIVIDENDS NET CHANGE IN OUTSTANDING CORPORATE SECURITIES i [Department of Commerce estimates. In billions [Securities and Exchange Commission estimates. In millions of dollars] of dollars] All types Bonds and notes Stocks Profits In- Profits Cash Undis- Y qu e a a r r t e o r r b t e a f x o e r s e c ta o x m es e t a a f x te e r s d d e i n v d i- s t p ri r b o u fi t t e s d quarter New Retire- Net New Retire- Net New Retire- Net issues ments change issues ments change issues ments change 1948 32.8 12.5 20.3 7.2 13.0 1949 26.2 10.4 15.8 7.5 8.3 1948 7,570 1,683 5,887 5,938 1,283 4,655 1,632 400 1,232 1950 40.0 17.8 22.1 9.2 12.9 1949 6,731 1,875 4,856 4,867 1,583 3,284 1,864 292 1,572 1951 41.2 22.5 18.7 9.1 9.6 1950 7,224 3,501 3,724 4,806 2,802 2,004 2,418 698 1,720 1952 35.9 19.8 16.1 9.0 7.1 1951 9,048 2,772 6,277 5,682 2,105 3,577 3,366 666 2,700 1953. 38.3 21.3 17.0 9.3 7.7 1952 10,679 2,751 7,927 7,344 2,403 4,940 3,335 348 2,987 1954 34.0 17.1 17.0 10.0 7.0 1953 9,550 2,428 7,121 6,651 1,896 4,755 2,898 533 2,366 1955 43.8 22.0 21.8 11.2 10.6 1954 11,694 5,629 6,065 7,832 4,033 3 799 3 862 1,596 2,265 1955 12,595 5,372 7,223 7,712 3,199 4,513 4,883 2,173 2,710 1954—4 36.0 18.1 17.9 10.6 7.3 1955—1 3,014 1,295 1,719 1,681 702 979 1,333 593 740 1955_1 40 9 20.5 20.4 10.2 10.2 2 2,891 1,484 1,407 1,802 767 1,034 1,089 717 373 2 43.0 21.6 21.4 10.7 10.7 3 2,895 1,427 1,468 1,838 923 915 1,057 504 553 3 .. 44 5 22.3 22.2 11.0 11.1 4 3,795 1,165 2,630 2,391 806 1,585 1,404 359 1,046 4 46 8 23 5 23.3 12.2 11.1 1956—1 2,827 1,043 1,784 1,678 707 970 1,149 336 813 1956—11 45.5 22.8 22.7 11.7 11.0 1 Reflects cash transactions only. As contrasted with data shown on p. 626, new issues i Preliminary estimates by Council of Economic exclude foreign and include offerings of open-end investment companies, sales of securities Advisers. held by affiliated companies or RFC, special offerings to employees, and also new stock NOTE.—Quarterly data are at seasonally adjusted issues and cash proceeds connected with conversions of bonds into stocks. Retirements annual rates. include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on p. 626. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS 1 [Securities and Exchange Commission estimates. In billions of dollars] Current assets Current liabilities E o n r d q o u f a r y t e e a r r w c o a N p rk e it i t a n l g Total Cash s G U e t c i o . e u S v s r t . i . - N G U o o . t S r v e e t . s c . 2 e a i n va d b O l a t e c h c e t r s. I t n o v ri e e n s - Other Total G N U o o . t v e S t p s . . a 2 a y n a d b l O e ac th c e ts r F i b n e i c l t l d i a i o a t e x i m - r e a s e l Other 1948 68.6 133.0 25.3 14.8 42.4 48.9 1.6 64.4 3?.3 11.5 13.5 1949 72.4 133.1 26.5 16.8 43.0 45.3 1.4 60.7 37.5 9.3 14.0 1950 81.6 161.5 28.1 19.7 1.1 55.7 55.1 1.7 79.8 .4 47.9 16.7 14.9 1951 86.5 179.1 30.0 20.7 2.7 58.8 64.9 2.1 92.6 1.3 53.6 21.3 16.5 1952 90.1 186.2 30.8 19.9 2.8 64.6 65.8 2.4 96.1 2.3 57.0 18.1 18.7 1953 92.6 189.6 30.9 21.0 2.6 64.8 67.9 2.4 97.0 2.2 56.3 19.2 19.3 1954 95.8 187.3 31.7 19.3 2.4 66.2 65.1 2.6 91.5 2.4 54.0 15.7 19.4 1955 l 98.1 187.9 30.3 19.0 2.2 67.8 65.8 2.8 89.8 2.5 54.2 13.4 19.7 2 100.6 190.1 30.8 18.8 2.1 70.1 65.5 2.8 89.6 2.3 54.9 12 1 20 1 3 102.3 198.9 31.3 20.6 2.2 74.5 67.3 3.0 96.6 2.2 58.0 15.3 21.0 4 103.6 206.6 32.2 23.4 2.3 76.0 69.8 2.9 103.0 2.3 61.6 18.5 20.7 i Excludes banks and insurance companies. 2 Receivables from, and payables to, the U. S. Government exclude amounts offset against each other on corporations' books. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT i [Department of Commerce and Securities and Exchange Commission estimates. In billions of dollars] Transportation Manu- Year Total M fa i c a n t n u g u r- - M in i g n- Rail- P u u t t i b i e l l s i i - c c m C at o u io m n n i - - s Other 2 Quarter Total fa m a i c n n t i u n g d r - - T p t o r i a o r n t n a s - - P u u t t i b i e l l s i i - c ot A he n r - * road Other ing 1948 22.1 9.1 .9 1.3 1.3 2.5 K7 5.2 1955—1 5 8 2 4 5 g 2 0 1949 19.3 7.1 .8 1.4 .9 3.1 4.7 2 7.0 3 0 .6 1 i 2 3 1950 20 6 7.5 .7 1.1 1.2 3.3 5 7 3 7 4 3 1 1 2 2*5 1951 25 6 10.9 .9 1.5 1.5 3.7 L.3 5.9 4. . 8 4 3 8 7 1 2 2*6 1952 26.5 11.6 1.0 1.4 1.5 3.9 1.5 5.6 1953 28.3 11.9 1.0 1.3 1.6 4.6 .7 6.3 1956—1r 7.5 3 2 7 9 2 6 1954 26.8 11.0 1.0 .9 1.5 4.2 7 6.5 24'.... 9.1 4.3 .8 1 4 2 7 1955 28.7 11.4 1.0 .9 1.6 4.3 2.0 7.5 34 9.2 4.4 .8 1 4 2 6 19564 34.9 15.0 1.1 1.3 1.8 5.0 10.6 ' Revised. 1 Corporate and noncorporate business, excluding agriculture. 3 Includes communications and other. 2 Includes trade, service, finance, and construction. 4 Anticipated by business. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 629 MORTGAGE DEBT OUTSTANDING, BY TYPE OF PROPERTY MORTGAGED AND TYPE OF MORTGAGE HOLDER [In billions of dollars] All properties ]STonfarm Farm E o n r d q o u f a r y t e e a r r h A o er l l s d l - t F u i i n c t n i i s o a a ti l n n - - s S F e a e c l g d e i e e e c h n r s t O a e o - l d l t d h e e v o r r I i a t s d n h n u d e d a i r - l s s h A e o r l l s d l - T 1 o - t a to l 4- t F f u i a i n c t m n i i s o a a i t l i l n n y - s - ho O h u e o t s h r l e s d e s - r c T o o m t M a m l u e lt r i c t F - u i i f a i n c a t n l i i s m o a a t p i l n n i - r l s - y o p a e O n h rt d e o t i h r l e s d e s - r 1 h e A o r l s l d l - t F u i i n c t n i i s o a a ti l n n - s - h O ol t d h e e r r s* 1941 .. 37.6 20.7 2.0 14.9 31.2 18.4 11.2 7.2 12.9 8.1 4.8 6 4 1 5 4 9 1945 35.5 21.0 .9 13.7 30.8 18.6 12.2 6.4 12.2 7.4 4.8 4.8 1 3 34 1948 56.2 37.8 .6 17.8 50.9 33.3 25.0 8.3 17.6 10.9 6.7 5.3 1 9 3 4 1949 62.7 42.9 1.1 18.7 57.1 37.6 28.5 9.1 19.5 12.3 7.2 5.6 2.1 3 5 1950 . . 72.8 51 7 1.4 19.8 66.8 45.2 35.4 9.8 21.6 14 0 7.6 6.1 2 3 3 7 1951 82.2 59.5 2.0 20.7 75.6 51.7 41.1 10.7 23.9 15.9 8.0 6.6 2 6 4 0 1952 91.2 66.9 2.4 21.9 84.1 58.5 46.8 11.7 25.6 17.2 8.3 7.2 2.8 4.3 1953 . . . .... 101.1 75.1 2.8 23.3 93.5 66.1 53.6 12.5 27.4 18.5 8.9 7 7 3 0 4 6 1954 113.6 85.7 2.8 25.0 105.4 75.7 62.5 13.2 29.7 20.0 9.7 8.2 3 3 4 9 1955^ 130.0 99.5 3.1 27.4 120.9 88.4 74.1 14.4 32.5 21.8 10.7 9.1 3.6 5.4 1954—Sept 109.7 82.5 2.7 24.5 101.6 72.7 59.7 12.9 29.0 19.5 9.5 8.1 3.2 4 9 Dec 113.6 85.7 2.8 25.0 105.4 75.7 62.5 13.2 29.7 20.0 9.7 8.2 3.3 4.9 1955 Mar? 117.3 88.8 2.9 25.5 108.8 78.5 65.0 13.5 30.3 20.4 9.9 8.5 3.4 5.1 Junep 122.0 92.7 3.0 26.3 113.2 82.2 68.4 13,8 31.0 c20.8 10 2 8.8 3 5 5 3 Sept.? 126.2 96.3 3.0 26.9 117.3 85.6 71.4 14.1 31.7 21.3 10.4 8.9 3 6 5 4 Dec.p 130.0 99.5 3.1 27.4 120.9 88.4 74.1 14.4 32.5 21.8 10.7 9.1 3.6 5.4 1956—Mar.p 133.6 102.5 3.2 28.0 124.3 91.1 76.5 14.6 33.2 22.3 10.9 9.3 3.7 5.6 ^Preliminary. Federal agencies include HOLC, FNMA, and VA (the bulk of the amounts 1 Derived figures, which include negligible amount of farm loans held through 1948 held by HOLC, since then by FNMA). Other Federal by savings and loan associations. agencies (amounts small and separate data not readily available currently) 2 Derived figures, which include debt held by Federal land banks and are included with individuals and others. Farmers Home Administration. Sources.—federal Deposit Insurance Corporation, Home Loan Bank NOTE.—Figures for first three quarters of each year are Federal Reserve Board, Institute of Life Insurance, Departments of Agriculture and estimates. Financial institutions include commercial banks (including Commerce, Federal National Mortgage Association, Veterans Adminisnondeposit trust companies but not trust departments), mutual savings tration, Comptroller of the Currency, and Federal Reserve. banks, life insurance companies, and savings and loan associations. MORTGAGE LOANS HELD BY BANKS i [In millions of dollars] Commercial bank holdings2 Mutual savings bank holdings 3 Residential Residential End of year or quarter Other Other Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm Total Total FH in A - - g V u A ar - - C ve o n n - - n fa o r n m - Farm sured anteed tional sured anteed tional 1941 . ... 4 906 3 292 1,048 566 4,812 3,884 900 28 1945 4,772 3,395 856 521 4,208 3,387 797 24 1948 10,897 8,066 1,957 874 5,806 4,758 1,015 34 1949 . 11,644 8,676 2,060 909 6,705 5,569 1,099 37 1950 13 664 10 431 2,264 968 8,261 7,054 1,164 44 1951 14,732 11,270 3,421 2,921 4,929 2,458 1,004 9,916 8,595 2,567 1,726 4,303 1,274 47 1952 15,867 12,188 3,675 3,012 5,501 2,621 1,058 11,379 9,883 3,168 2,237 4,477 444 53 1953 16,850 12,925 3,912 3,061 5,951 2,843 1,082 12,943 11,334 3,489 3,053 4,792 1,556 53 1954 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1954—Sept 17,920 13,655 4,020 3,235 6,400 3,115 1,150 14,415 12,665 3,725 3,900 5,040 695 55 Dec . 18,573 14,152 4,106 3,350 6,695 3,263 1,159 15,007 13,211 3,800 4,262 5,149 1,740 56 1955—Mar 19,125 14,535 4,205 3,450 6,880 3,385 1,205 15,560 13-745 3,895 4,600 5,250 758 57 June . 19,940 15,128 4,361 3,601 7,166 3,549 1,263 16,173 14,339 4,000 4,976 5,362 •1,775 59 Sept 20,540 15,560 4,475 3,675 7,410 3,700 1,280 16,845 14,985 4,090 5,360 5,535 •1 801 59 Dec 21,004 15,888 4,560 3,711 7,617 3,819 1,297 17,457 15,568 4,150 5,773 5,645 1,831 58 1956—Mar.*7 21,500 16,240 4,648 3,760 7,832 3,950 1,310 18,045 16,132 4,210 6,155 5,767 1,855 58 pPreliminary. banking statistics. March and September figures are Federal Reserve 1 Represents all banks in the United States and possessions. estimates based in part on data from National Association of Mutual 2 Includes loans held by nondeposit trust companies but excludes Savings Banks. holdings of trust departments of commercial banks. March and Septem- Sources.—All-bank series prepared by Federal Deposit Insurance ber figures are Federal Reserve estimates based on data from Member Corporation from data supplied by Federal and State bank supervisory Bank Call Report and from weekly reporting member banks. agencies, Comptroller of the Currency, and Federal Reserve. 3 Figures for 1941 and 1945, except for the grand total, are estimates based on Federal Reserve preliminary tabulation of a revised series of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 REAL ESTATE CREDIT MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES [In millions of dollars] Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Year or month Total FHA- VA- Farm Total FHA- VA- Farm Total guar- Other Total guar- Other insured anteed insured anteed 1941 6,442 5,529 815 4,714 913 1945 976 6,636 5,860 1,394 4,466 776 1948 3,407 3,114 1,202 366 1,546 293 10,833 9,843 2,381 1,104 6,358 990 1949 3,430 3,123 1,350 131 1,642 307 12,906 11,768 3,454 1,223 7,091 1,138 1950 4,894 4,532 1,486 938 2,108 362 16,102 14,775 4,573 2,025 8,177 1,327 1951 5,134 4,723 1,058 1,294 2,371 411 19,314 17,787 5,257 3,130 9,400 1,527 1952 3,978 3,606 864 429 2,313 372 21,251 19,546 5,681 3,346 10,519 1,705 1953 4,345 3,925 817 455 2,653 420 23,322 21,436 6,012 3,560 11,864 1,886 1954 5,344 4,931 672 1,378 2,881 413 25,976 23,928 6,116 4,643 13,169 2,048 1955 6,620 6,107 971 1,843 3,293 513 29,433 27,166 6,410 6,075 14,681 2,267 1955 Apr 480 431 71 128 232 49 26,949 24,824 6,171 5,070 13,583 2,125 May 525 481 76 135 270 44 27,217 25,067 6,200 5,168 13,699 2,150 June 519 478 71 151 256 41 27,483 25,310 6,202 5,297 13,811 2,173 July 488 454 72 118 264 34 27,748 25,551 6,225 5,373 13,953 2,197 AUK • •. 536 503 77 140 286 33 28,001 25,787 6,244 5,468 14,075 2,214 Sent 513 485 80 127 278 28 28,250 26,025 6,260 5,573 14,192 2,225 Oct 578 535 76 160 299 43 28,563 26,320 6,289 5,692 14,339 2,243 Nov 545 514 86 155 273 31 28,868 26,613 6,328 5,808 14,477 2,255 Dec 857 811 150 296 365 46 29,433 27,166 6,410 6,075 14,681 2,267 1956 Jan 646 595 105 208 282 51 29,800 27,526 6,463 6,251 14,812 2,274 Feb 564 503 75 138 290 61 30,102 27,799 6,493 6,360 14,946 2,303 Mar 556 492 76 131 285 64 30,383 28,055 6,515 6,466 15,074 2,328 Apr 516 470 68 134 268 46 30,651 28,301 6,535 6,571 15,195 2,350 NOTE.—For loans acquired, the monthly figures may not add to annual values, and because data for year-end adjustments are more complete. totals, and for loans outstanding, the end-of-December figures may differ Source.—Institute of Life Insurance; end-of-year figures are from from end-of-year figures, because monthly figures represent book value of Life Insurance Fact Book, and end-of-month figures from the Tally of ledger assets whereas year-end figures represent annual statement asset Life Insurance Statistics and Life Insurance News Data. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS NONFARM MORTGAGE RECORDINGS OF $20,000 OR LESS [In millions of dollars] [Number in thousands; amounts in millions of dollars] Loans made Loans outstanding (end of period) Amount, by type of lender Y m e o a n r t o h r Total i s N c t t i r o e o u n w n c - - H c p h o u a m r s - e e Total 2 F su H in re A - d - a g n V u t A e a e r - - d ti C o ve n o n a n - l - 2 Y m e o a n r th or N b u e m r - Total i i a n S l s o g a s a s n v n s - & . p I c a a n o n n s m i u c r e - e - s b C m a c o i n e a m r k l - - s 1941 1,379 437 581 4,578 1941., 1,628 4,732 1,490 404 1,166 1945 1,913 181 1,358 5,376 1945., 1,639 5,650 2,017 250 1,097 1948 3,607 1,046 1,710 10,305 563 2,397 7,345 1948. 2,535 11,882 3,629 ,016 2,664 1949 3,636 1,083 1,559 11,616 717 2,586 8,313 1949., 2,488 11,828 3,646 ,046 2,446 1950 5,237 1,767 2,246 13,657 848 2,973 9,836 1950. 3,032 16,179 5,060 ,618 3,365 1951 5,250 1,657 2,357 15,564 866 3,133 11,565 1951. 2,878 16,405 5,295 ,615 3,370 1952 6,617 2,105 2,955 18,396 904 3,394 14,098 1952. 3,028 18,018 6,452 ,420 3,600 1953 7,767 2,475 3,488 21,962 1,048 3,979 16,935 1953. 3,164 19,747 7,365 ,480 3,680 1954 8,969 3,076 3,846 26,193 1,172 4,721 20,300 1954. 3,458 22,974 8,312 ,768 4,239 1955 11,432 4,041 5,241 31,584 1,409 5,912 24,263 1955. 3,913 28,484 10,452 ,932 5,617 1955 1955 ,016 380 430 Apr... 328 2,357 900 165 456 136 May";;;!! ,069 395 470 May.. 344 2,483 950 163 •482 153 June ,157 418 536 29,107 ,287 5,33b 22,484 June.. 360 2,636 1,024 174 516 171 July ,054 371 494 July.. 335 2,463 953 161 472 168 Aug ,171 416 553 Aug.. 366 2,697 1,060 163 521 179 Sept ,012 342 503 30,687 ,356 5,653 23,678 Sept.. 342 2,522 946 155 505 168 Oct 880 303 426 Oct... 326 2,387 835 153 505 167 Nov 782 261 385 Nov.. 314 2,316 765 152 499 171 Dec 746 253 351 3i,*584 ,'409 *5,*9i2 24i263 Dec, 293 2,188 700 156 457 166 1956 1956 Jan 712 251 316 Jan. 275 2,059 665 148 435 131 Feb 778 284 333 Feb.. 278 2,050 700 136 421 127 Mar 908 331 386 32,529 1,456 6,136 24,937 Mar., 309 2,271 152 468 128 Apr 932 359 388 Apr.. 303 2,269 827 148 470 128 1 Includes loans for other purposes (for repair, additions and alterations, 1 Includes amounts for other lenders, not shown separately. refinancing, etc.) not shown separately. Source.—Home Loan Bank Board. 2 Excludes shares pledged against mortgage loans. Source.—Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REAL ESTATE CREDIT 631 GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE MORTGAGE DEBT OUTSTANDING ON NONFARM 1- TO 4-FAMILY PROPERTIES [In millions of dollars] [In billions of dollars] FHA-insured loans VA-guaranteed loans Home Home Year or month mortgages Proj- P e r r o ty p- mortgages Government- Total p e N r rt o e i w e p s - p i e s E r r t t o i x i n e p - g s - g m t a y g o p e r e t s - i l p m o r i a o m e n v n - s e t 2 - Total 3 p e N r r t o e i w e p s - p i e s E r r t t o i x i n e p - g s - q y E u e n a a d r r t o e o r f r Total underwritten t C i v o e o n n n a - - l FHA- VA- 1945 .. . 665 257 217 20 171 192 Total su in re - d a g n u t a e r e - d 1948 3 341 1 434 684 609 614 1 881 1949 3,826 1,319 892 1,021 594 1,426 793 629 1945 18.6 4.3 4.1 .2 14.3 1950 4,343 1,637 856 1,157 694 3,072 1,865 1 202 1951 3,220 1,216 713 582 708 3,614 2,667 942 1948 33.3 12.5 5.3 7.2 20.8 1952 3,113 969 974 322 848 2,719 1,823 890 1949 37 6 15 0 6 9 8 1 22 6 1953 3,882 1,259 1,030 259 1 334 3,064 2 045 1,014 1950.... 45 2 18 9 8 6 10 3 26 3 1954 3,066 1,035 907 232 891 4,257 2,686 1,566 1951 51.7 22.9 9.7 13.2 28.8 1955 3,807 1,269 1,816 76 646 7,156 4,582 2,564 1952 58 5 25 4 10 8 14 6 33 1 1955—Apr 294 93 151 5 45 515 319 195 1 19 9 5 5 4 3 7 6 5 6. . 1 7 2 3 8 2 . . 1 1 1 1 2 2 .8 0 1 1 6 9 .3 1 4 38 3 .6 0 May 284 93 136 3 51 548 341 207 1955P 88 4 38 9 14 3 24 6 49 5 333 107 163 5 58 553 348 204 July .. . 283 92 138 3 50 520 332 187 1954_Sept 72.6 '30.7 12.6 r18.1 r41.9 S A e u p g t 3 3 4 5 7 0 1 1 1 1 3 3 1 16 6 2 6 4 9 6 6 7 4 6 5 1 9 7 0 3 3 8 7 6 8 2 21 3 1 0 Dec...... 75.7 32.1 12.8 19.3 43.6 Oct .... 338 113 160 2 63 717 461 255 1955—Mar. *>... 78.5 33.5 13.2 20.3 45.0 Nov 345 122 154 11 59 755 511 243 June2*.. „ 82.2 35.3 13.5 21.8 46.9 Dec ,, 326 H8 144 10 55 620 413 206 Sept.*1 85.6 37.0 13.9 23.1 48.6 1956—Jan 335 133 148 53 r570 403 166 Dec.P. .. 88.4 38.9 14.3 24.6 49.5 F M e a b r . . . . 2 2 8 9 7 8 1 1 1 0 4 5 1 1 2 2 7 7 1 5 8 4 4 1 8 r4 5 6 3 8 5 3 33 7 1 2 1 1 6 3 2 6 1956—Mar.p.... 91.1 40.2 14.7 25.5 50.9 Apr 253 87 116 4 46 493 333 159 v Preliminary. r Revised. r Revised. NOTE.—For total debt outstanding, figures for first 1 Monthly figures do not reflect mortgage amendments included in annual totals. three quarters of year are Federal Reserve estimates. 2 These loans are not ordinarily secured by mortgages. For conventional, figures are derived. 3 Includes a small amount of alteration and repair loans, not shown separately; only such Sources.—Home Loan Bank Board, Federal Housloans in amounts of more than $1,000 need be secured. ing Administration, Veterans Administration, and NOTE.—FHA-insured loans represent gross amount of insurance written; VA-guaranteed Federal Reserve. loans, gross amount of loans closed. Figures do not take account of principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Sources.—Federal Housing Administration and Veterans Administration. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY * FEDERAL HOME LOAN BANK LENDING [In millions of dollars] [In millions of dollars] Mortgage holdings tr M an o s r a t c g t a io ge ns Com- Adv ( a e n n c d e s o f o p u e ts r t i a o n d d ) ing (during mit- Ad- Repay- End of year period) ments Year or month vances ments or month Total F su H in re A - d - a g n V u t A e a e r - - d c P ha u s r e - s Sales bu d u r i n s s - e - d Total Short- L t o e n r g m - 2 1945 278 213 195 176 19 1948 199 188 11 198 227 1948 360 280 515 257 258 1949 828 403 425 672 20 824 1949 256 337 433 231 202 1950 1,347 169 1,178 1,044 469 485 1950 675 292 816 547 269 1951 1,850 204 1,646 677 111 239 1951 423 433 806 508 298 1952 2,242 320 1,922 538 56 323 1952 586 528 864 565 299 1953 2,462 621 1,841 542 221 638 1953 728 640 952 634 317 1954 2,434 802 1,632 614 525 476 1954 734 818 867 612 255 1955 2,615 901 1,714 411 62 76 1955 1,251 702 ,417 991 426 1955—May 2,562 860 1,702 39 7 163 1955—May 104 37 821 542 279 June 2,567 867 1,700 21 3 127 June 237 42 ,017 715 302 July 2,567 868 1,699 15 1 116 July. 152 107 ,061 748 313 2,573 876 1,696 19 1 104 Aug. 156 30 ,187 822 365 Sent 2,564 871 1,693 11 1 105 Sept. 115 27 ,275 885 390 Oct 2,587 891 1,695 42 1 83 Oct.. 90 21 ,344 932 412 Nov 2,596 896 1,700 27 1 80 Nov. 60 40 ,364 875 489 Dec . . 2,615 901 1,714 30 0 76 Dec. 109 56 ,417 991 426 1956—Jan 2,623 901 L,722 22 1 75 1956—Jan.. 42 213 ,246 833 413 Feb 2,642 907 1,736 35 0 66 Feb.. 13 78 ,181 770 411 Mar 2,657 909 1,748 28 0 62 Mar. 24 67 ,138 730 408 Apr 2,665 907 1,758 23 1 68 Apr. 42 53 ,127 709 418 May 44 48 ,123 697 427 l Operations beginning Nov. 1, 1954, are on the basis of FNMA's new charter, under which it maintains three separate programs: secondary 1 Secured or unsecured loans maturing in one year or less. market, special assistance, and management and liquidation. 2 Secured loans, amortized quarterly, having maturities of more than Source.—Federal National Mortgage Association. one year but not more than ten years. Source.—Home Loan Bank Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 CONSUMER CREDIT CONSUMER CREDIT, BY MAJOR PARTS [Estimated amounts of short- and intermediate-term credit outstanding, in millions of dollars! Instalment credit Noninstalment credit End of year or month Total Total m p A a o u p b t e o i r l - e 1 co p O g n a o s t p o h u e d e m r r s 1 er e a r n R n l d o i e z a p m a n a t s o i i o r 2 d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e e s n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941 9,172 6,085 2,458 1,929 376 1,322 3,087 845 1,645 597 1945 5,665 2,462 455 816 182 1,009 3,203 746 1,612 845 1948 14,411 8,968 3,054 2,842 843 2,229 5,443 1,445 2,713 1,285 1949 17,104 11,516 4,699 3,486 887 2,444 5,588 1,532 2,680 1,376 1950 20,813 14,490 6,342 4,337 ,006 2,805 6,323 1,821 3,006 1,496 1951 21,468 14,837 6,242 4,270 ,090 3,235 6,631 1,934 3,096 1.601 1952 25,827 18,684 8,099 5,328 ,406 3,851 7,143 2,094 3,342 ,707 1953 29,537 22,187 10,341 5,831 ,649 4,366 7,350 2,219 3,411 1,720 1954 30,125 22,467 10,396 5,668 ,616 4,787 7,658 2,420 3,518 1,720 1955 36,225 27,895 14,312 6,435 ,641 5,507 8,330 2,776 3,797 1,757 1955 Apr 30,655 23,513 11,482 5,492 ,534 5,005 7,142 2,496 2,859 1,787 Miay 31,568 24,149 11,985 5,555 ,546 5,063 7,419 2,589 3,011 1,819 June 32,471 24,914 12,561 5,639 ,562 5,152 7,557 2,686 3,040 1,831 July 32,896 25,476 13,038 5,676 ,570 5,192 7,420 2,595 2,991 1,834 Aug 33,636 26,155 13,547 5,762 ,589 5,257 7,481 2,629 3,019 1,833 Sept 34,293 26,699 13,929 5,848 ,611 5,311 7,594 2,657 3,108 1,829 Oct 34,640 26,963 14,095 5,917 ,627 5,324 7,677 2,666 3,218 ,793 Nov .... 35,059 27,247 14.172 6,057 ,634 5,384 7,812 2,757 3,285 ,770 Dec. 36,225 27,895 14,312 6,435 ,641 5,507 8,330 2,776 3,797 1,757 1956 Jan 35,599 27,769 14,314 6.318 ,610 5,527 7,830 2,715 3,355 760 Feb 35,272 27,784 14,397 6,209 ,599 5,579 7,488 2.729 2 974 1,785 Mar 35,536 27,964 14,565 6,137 ,599 5,663 7.572 2 8^9 2,93-? .800 Apr 35,962 28,260 14,706 6,183 ,611 5,760 7,702 2,876 2,996 1,830 1 Represents all consumer instalment credit extended for the purpose of NOTEE..—MMononththllyy ffiigguurreess ffoorr tthhee ppeerriioodd DDeecceemmbbeerr 11993399 tthhrroouugghh 11995511 purchasing automobiles and other consumer goods and secured by the anidri a° ggeenneerraall ddeessccrriippttiioonn ooff tthhee sseerriieess aarree sshhoowwnn oonn pppp . 333366-335544 ooff tthhee iip ttu eemmrc ssn ilpp Suu inrrcc ghh aa ass uee idd u , m wwuu hhu eec tthhs eerra iu hheei llddU IL bbIC yyI rrt eeu ttaaiM iill u ooiu uuw ttll eett& ss w oo\> rr ifa fiin naa anu ncu ci. ia alJ l W iiU nns IsI ttJ iiU ttuu ttu iiooy n ns ms. e B a U u L u L E a T IN gc u f c o it r u A u p t r s i u l ii 1 p 9 i 5 iu 3 n . u R i e m vi e s e s d o u m es o n a t i h c l y M I f U ig W u H r e L s M a I r p e p s . h J o JO w - n O J i H n U ia I t I c I . Includes credit on purchases by individuals of automobiles or other BULLETINS: 1952, November 1953, p. 1214; 1953, November 1954, p. 1212. consumer goods that may be used in part for business. r-» u^ianJ description of the methods used to derive the estimates may 2 Represents repair and modernization loans held by financial institu- be obtained from Division of Research and Statistics. tions; holdings of retail outlets are included in other consumer goods paper INSTALMENT CREDIT, BY HOLDER [Estimated amounts outstanding, in millions of dollars] Financial institutions Retail outlets Total End of year or month i c m n r s e e t d n a i l t t - Total m b C e a o r n m c k ia s - l f p i S c n a o a a n m l n i e e c s - s e u C n r i e o d n it s Other Total D s m t e o p e r a e n r s t t 1 - F st t u o u r r r n e e i s - H s a h a t o p o n o u p r c l s l e d e i e s - - d m A ea o u l b e to i r l s - e 2 Other 1919 . , 4,503 3,065 1,079 1,197 132 657 1,438 354 439 183 123 339 1941 6,085 4,480 1,726 1,797 198 759 1,605 320 496 206 188 395 1945 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1948 8,968 7,092 3,529 1,990 334 1,239 1,876 470 604 127 159 516 1949 11,516 9,247 4,439 2,950 438 1,420 2,269 595 724 168 239 543 1950 14,490 11,820 5,798 3,785 590 1,647 2,670 743 791 239 284 613 1951 14,837 12,077 5,771 3,769 635 1,902 2,760 920 760 207 255 618 1952 18,684 15,410 7,524 4,833 837 2,216 3,274 1,117 866 244 308 739 1953 22,187 18,758 8,998 6,147 1.124 2,489 3,429 1,040 903 291 380 815 1954 22,467 18,935 8,633 6,421 ,293 2,588 3,532 1,201 890 293 394 75< 1955 27,895 23,863 10,347 8,938 ,580 2,998 4,032 1,423 956 297 556 800 1955 Apr 23,513 20,127 9,020 7,077 ,360 2,670 3,386 ,138 834 278 437 699 May 24,149 20,718 9,228 7,390 ,395 2,705 3,431 1,150 842 277 457 705 June 24,914 21,432 9,495 7,747 ,434 2,756 3,482 1,160 851 279 481 711 July 25,476 21,980 9,656 8,087 ,458 2,779 3,496 1,155 856 281 501 703 Aug 26,155 22,605 9,871 8,422 ,495 2,817 3,550 1,167 871 284 523 705 Sept 26,699 23,101 10,060 8,667 ,528 2,846 3,598 1,191 878 283 538 708 Oct 26,963 23,324 10,145 8,771 ,547 2,861 3,639 1,203 889 281 546 720 Nov 27,247 23,524 10,227 8,825 ,556 2,916 3,723 1,251 909 284 550 729 Dec 27,895 23,863 10,347 8,938 ,580 2,998 4,032 1.423 956 297 556 800 1956 Jan 27,769 23,862 10,360 8,936 ,565 3,001 3.907 1,374 925 288 556 764 M Feb ar 2 27 7 ,9 7 6 8 4 4 2 2 3 4 , , 9 2 7 4 9 4 1 10 0 , , 5 3 2 9 1 8 9 8 , , 0 9 3 6 7 4 , ,6 5 1 8 8 9 3 3 . , 0 0 2 6 8 8 3 3. . 7 8 2 0 0 5 1 1 , , 3 2 4 8 1 4 9 SO 0 d 9 2 ? 8 7 1 * 5 S 5 ^ 9 4 7 7 1 0 5 2 Apr 28,260 24,557 10,717 9,093 1,647 3,100 3,703 1,286 885 271 569 692 i Includes mail-order houses. 2 Represents automobile paper only; other instalment credit held by automobile dealers is included with other retail outlets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSUMER CREDIT 633 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS, INSTALMENT CREDIT HELD BY SALES FINANCE BY TYPE OF CREDIT COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] E o n r d m of o n y t e h ar i c T m n r o s e e t t d a n a i l t l t - ch P A a u s u r e - t p d o a m pe o D r b i i r l e e ct s g O p c u o a t o m o p h n d e e e - r r s r e R m l r t o a e n i o n a p o iz n d d n a a s - ir - s l P o o a e n r n a - s l E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g p O c u o a o t m o p h n d e e e - r s r r m i R l o z e a o a d p n a t e a i d n r i o s n r n - l s P o o a e n n r a - s l 1939 1,197 878 115 148 56 1939 1,079 237 178 166 135 363 1941 1,797 1,363 167 201 66 1941 1,726 447 338 309 161 471 1945 300 164 24 58 54 1945 745 66 143 114 110 312 1948 1,990 1,378 232 216 164 1948 3,529 575 753 794 568 839 1949 2,950 2,425 303 83 139 1949 4,439 849 946 1,016 715 913 1950 3,785 3,257 313 57 158 1950 5,798 1,177 1,294 1,456 834 1,037 1951 3,769 3,183 241 70 275 1951 5,771 1,135 1,311 1,315 888 1,122 1952 4,833 4,072 332 82 347 1952 7,524 1,633 1,629 1,751 1,137 1,374 1953 6,147 5,306 367 83 391 1953 8,998 2,215 1,867 2,078 1,317 1,521 1954 6,421 5,563 351 81 426 1954 8,633 2,198 1,645 1,839 1,275 1,676 1955 8,938 7,939 416 85 498 1955 10,347 2,976 2,099 2,099 1,279 1,894 1955—Apr. 7,077 6,207 348 76 446 1955 Apr 9,020 2,371 1,818 1,842 1,205 1,784 May 7,390 6,512 353 77 448 May 9 228 2,466 1,880 1,865 1,211 1,806 June 7,747 6,857 361 78 451 June 9,495 2,591 1,940 1,897 1,223 1,844 July. 8,087 7,180 372 78 457 July 9,656 2,656 1,995 1,921 1,231 1,853 Aug. 8,422 7,496 384 80 462 Aug 9,871 2,765 2,041 1,950 1,243 1,872 Sept. 8,667 7,729 392 81 465 Sept 10,060 2,842 2,088 1,986 1,259 1,885 Oct.. 8,771 7,822 398 82 469 Oct 10 145 2,901 2,090 2,009 1,273 1,872 Nov. 8,825 7,860 403 83 479 Nov 10 227 2,935 2,087 2,052 1,275 1,878 Dec. 8,938 7,939 416 85 498 Dec 10,347 2,976 2,099 2,099 1,279 1,894 1956—Jan.. 8,936 7,939 412 84 501 1956 Jan 10 360 2 977 2 107 2 109 1,256 1,911 Feb. 8,964 7,963 412 83 506 Feb 10 108 3.011 2.124 2,099 1,245 1,919 Mar. 9,037 8,026 412 82 517 Mar 10.521 3,059 2,167 2,110 1,243 1,942 Apr. 9,093 8,074 412 82 525 Apr 10,717 3,104 2,200 2,175 1,252 1,986 INSTALMENT CREDIT HELD BY FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT, BY HOLDER OTHER THAN COMMERCIAL BANKS AND SALES FINANCE COMPANIES, BY TYPE OF CREDIT [Estimated amounts outstanding, in millions of dollars] [Estimated amounts outstanding, in millions of dollars] Financial Retail institutions outlets E o n r d m of o n y t e h ar i c T m n r o s e e t t d n a a i l t l t - m A pa o u p b t e o il r - e s g O p c u o a o t m o p h n d e e e - r s r r m i R z l o o a e a n d a p ti n d e a o s r i n r n- s l P o o e a n r n a - s l E o n r d m of o n y t e h ar i c T m n n r o s o e e t t d n a n a i - l t l t - C m m ( o s e m i e r n - n - g t le lo -p a a n y s - ) p D a a e r ( c - t- c c h o a u r n g t e s) S c e r r e v d i i c t e cial Other ment Other 1939 789 81 24 15 669 banks stores i 1941 957 122 36 14 785 1945 731 54 20 14 643 1939 2,719 625 162 236 1,178 518 1948 1,573 189 99 59 1,226 1941 3,087 693 152 275 1,370 597 1949 1,858 240 137 89 1,392 1945 3,203 674 72 290 1,322 845 1950 2,237 330 182 115 1,610 1951 2,537 358 209 132 1,838 1948 5,443 1,261 184 575 2,138 1,285 1952 3,053 457 279 187 2,130 1949 5,588 1,334 198 584 2,096 1,376 1953 3,613 573 337 249 2,454 1950 6,323 1,576 245 641 2,365 ',496 1954 3,881 596 340 260 2,685 1951 6,631 1,684 250 685 2,411 ,601 1955 4,578 742 444 277 3,115 1952 7,143 1,844 250 730 2,612 ,707 1953 7,350 1,899 320 748 2,663 ,720 1955—Apr 4,030 649 353 253 2,775 1954 7,658 2,085 335 764 2,754 ,720 M^ay ... 4 100 670 363 258 2,809 1955 8,330 2,393 383 825 2,972 ,757 4,190 692 380 261 2,857 July 4,237 706 388 261 2,882 1955—Apr. 7,142 2,165 331 526 2,333 ,787 Aug 4,312 722 401 266 2,923 May 7,419 2,199 390 532 2,479 ,819 Sept 4,374 732 410 271 2,961 June 7,557 2,303 383 518 2,522 ,831 Oct 4,408 736 417 272 2,983 July. 7,420 2,268 327 474 2,517 ,834 Nov 4,472 740 429 276 3,027 Aug. 7,481 2,277 352 475 2,544 ,833 Dec 4,578 742 444 277 3,115 Sept. 7,594 2,273 | 384 519 2,589 ,829 Oct.. 7,677 2,311 ' 355 562 2,656 ,793 1956—Jan 4,566 735 446 270 3,115 Nov. 7,812 2,348 409 618 2,667 ,770 Feb 4 617 740 452 271 3,154 Dec. 8,330 2,393 383 825 2,972 ,757 Mar 4 686 749 459 274 3,204 Apr 4,747 759 462 277 3,249 1956—Jan.. 7,830 2,392 323 676 2,679 ,760 Feb.. 7,488 2,387 342 571 2,403 ,785 Mar. 7,572 2,437 402 555 2,378 ,800 NOTE.—Institutions included are consumer finance companies (oper- Apr. 7,702 2,471 405 548 2,448 ,830 ating primarily under State small-loan laws), credit unions, industrial loan companies, mutual savings banks, savings and loan associations, and other lending institutions holding consumer instalment loans. 1 Includes mail-order houses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID [Estimates of short- and intermediate-term credit, in millions of dollarsl Total Aut p o a m pe o r bile Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d loans Pe lo rs a o n n s al Year or month Extended Repaid Extended Repaid Extended Repaid Extended Repaid Extended Repaid 1941 9,425 8,854 3,823 3,436 2,929 2,827 312 307 2,361 2,284 1945 5,379 5,093 999 941 2,024 1,999 206 143 2,150 2,010 1948 15,540 13,267 5,280 4,150 5,280 4,581 702 577 4,278 3,959 1949 18,002 15.454 7,182 5,537 5,533 4,889 721 677 4,566 4,351 1950 ... . 21,256 18,282 8,928 7,285 6,458 5,607 826 707 5,044 4 683 1951 22,791 22,444 9,362 9,462 6,518 6,585 853 769 6,058 5,628 1952 28,397 24,550 12,306 10,449 7 959 6,901 1,243 927 6,889 6,273 1953 . 30,321 26,818 13,621 11,379 8,014 7,511 1,387 1,144 7 299 6 784 1954 29,304 29,024 12,532 12,477 7,700 7,863 1,245 1,278 7,827 7,406 1955 37,172 31,744 17,748 13,832 9,075 8,308 1,320 1,295 9,029 8,309 WITHOUT SEASONAL ADJUSTMENT 1955—Apr 3,089 2,550 1,512 1.083 703 690 106 102 768 675 May 3,206 2,570 1,616 1,113 741 678 121 109 728 670 June.. 3,443 2,678 1,766 1,190 766 682 125 109 786 697 July 3,131 2,569 1,594 1,117 711 674 111 103 715 675 Aus 3,436 2,757 1 .745 1,236 793 707 130 111 768 703 Sept 3,241 2,697 [,592 1,210 783 697 128 106 738 684 Oct 3,051 2,787 1,417 1,251 785 716 126 110 723 710 3,103 2,819 [,341 1,264 850 710 124 117 788 728 Dec 3,508 2,860 1,369 1,229 1,090 712 111 104 938 815 1956 Jan 2,724 2,850 1,248 1,246 643 760 86 117 747 in Feb 2,769 2,754 1,296 1,213 627 736 95 106 751 699 Mar 3,114 2,934 450 1,282 687 759 106 106 871 787 Apr . 3,163 2,867 1,406 1,265 780 734 123 111 854 757 SEASONALLY ADJUSTED* i955_Apr 3,027 2,552 1.411 1,093 738 672 110 109 768 678 May 3,103 2,635 [,525 1,139 738 687 117 123 723 686 June 3,179 2,612 1,589 1,166 757 678 110 108 723 660 July 3,136 2,611 1,519 1,133 794 706 108 101 715 671 Aus . ... 3,211 2,713 1,566 1.197 773 718 114 104 758 694 Sent 3,290 2,691 1,620 1,175 759 694 120 108 791 714 Oct 3,075 2,774 1,474 1,233 724 718 112 106 765 717 Nov. . 3,185 2,830 1,435 1,281 805 698 118 117 827 734 Dec 3,185 2,747 1,503 1,228 792 690 118 102 772 727 1956—Jan 3,211 2,939 1,451 ,275 823 770 111 111 826 783 Feb 3,192 2,845 1,473 1,266 751 735 123 103 845 741 Mar ... . 2,988 2,790 1,360 1,215 719 726 116 103 793 746 Apr 3,227 2,987 1,358 1,328 849 744 133 124 887 791 •Includes adjustment for differences in trading days. stalment credit extended and repaid are based on information from ac- NOTE.—Back figures by months for the period 1940-52, together with counting records of retail outlets and financial institutions and include a discussion of the composition and characteristics of the data and a all charges incurred under the instalment contract. Renewals and description of the methods used to derive the estimates, are shown in the refinancing of loans, repurchases and resales of instalment paper, and cer- BULLETIN for January 1954, pp. 9-22. Monthly figures for 1953 are tain other transactions may increase the amount of both credit extended shown in the BULLETIN for November 1954» p. 1212. Estimates of in- and credit repaid without adding to the amount of credit outstanding. FURNITURE STORE STATISTICS RATIO OF COLLECTIONS TO ACCOUNTS RECEIVABLE * Pe fr r o ce m n ta p g re e c e c d h i a n n g ge f m P ro o e m r n c t e h c n o t o a r f r g e e p s r p c e o c h n e a d d n i i g n n e g g Instalment accounts a C c h co ar u g n e ts month year Item Month A 19 p 5 r 6 . M 19 a 5 r 6 . F 1 e 9 b 5 . 6 A 19 p 5 r 6 . M 19 a 5 r 6 . F 1 e 9 b 5 . 6 D s m e to p e r a n e r t s t- F st t u o u r r r n e e i s - h H p s o l t o l i o d a u r n s e a c e s p e - - D s m e to p e r a n e r t s t- Ne T t o s t a a l l es: + 1 n +l + 1 + 3 + 10 1955_A M p a r y . 1 1 5 5 1 1 2 2 9 9 4 4 4 5 Cash sales 0 0 + 1 + 10 June 15 12 9 46 Credit sales: July. 14 12 9 43 +2 +8 +2 0 +4 +9 Aug. 14 13 9 46 Charge account 0 +7 +4 +4 + 14 O Se c p t. t , . 1 1 5 5 1 1 2 2 1 9 0 4 4 7 5 Accounts receivable, end of Nov. 15 12 10 47 month: Dec. 15 11 9 46 Total -1 -2 -2 +8 +8 +9 Instalment -1 2 -2 +6 +7 +7 1956—Jan.. 14 12 9 43 Charge accounts + 1 3 3 + 12 + 13 + 12 Feb.. 14 11 9 44 Mar. 16 12 47 [nventories, end of month, Apr. 15 12 43 at retail value + 2 + 5 + 3 +3 +6 + 8 i Collections during month as percentage of accounts outstanding at beginning of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BUSINESS ACTIVITY 635 SELECTED BUSINESS INDEXES {Indexes, 1947-49= 100. The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation] In ( d ph u y st s r i i c a a l l p v r o o l d u u m c e t ) i * on Co c n o s n t t r r u a c c t t i s on Employment and payrolls2 awarded (value) i Departor Y m e o ar nth Total Tot M al anu r D a f b a u c l - e ture N r s a d o b u n l - e - M era in ls - Total R d t e e ia s n l i - - o A th l e l r N p m t a c e u l g o u m o e r r l n n a y i - - - l - t - pr E o M m d m u a p e n c l n t u o i t f o y a n - c t w ur o in r P r k g o a e l y r l s s - F i l n c o re a g a i r s d g - * - ht v s ( m s r a a t e l l o e t e u a r n s e e i t * l ) p s C r u ic m o e n e s - r 2 m p W c r s o i o h a c d m l o e i e t l s - y e 2 - Ad- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Unad- Ad- Ad- Unad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 1919 39 38 38 37 45 34 26 39 61.4 68.7 31.1 90 27 74 0 1920 41 39 42 36 53 34 18 45 62.0 69.0 37.1 98 32 85 7 1921 31 30 24 34 42 30 27 32 55.2 52.8 24.0 83 30 76.4 1922.... 39 39 37 40 45 43 41 43 58.5 58.4 25.7 92 30 71 6 1923 47 45 47 44 62 45 49 42 64.4 66.9 32.6 107 34 72.9 1924 44 43 43 42 57 51 ^7 46 63 5 62.1 30.4 105 34 73 1 1925 .. 49 48 49 46 59 66 75 59 65.2 64.2 32.1 110 36 75 0 1926.... 51 50 52 48 63 69 73 67 67.6 65.5 33.0 115 37 75 6 65 0 1927 51 50 49 50 64 69 71 68 67 9 64.1 32.4 111 37 74 2 62 0 1928 53 52 53 51 63 73 76 70 68.0 64.2 32.8 112 37 73 3 62 9 1929 .. 59 58 60 56 68 63 52 70 71.0 68.3 35.0 115 38 73 3 61 9 1930 49 48 45 51 59 49 30 62 66.7 59.5 28.3 99 35 71.4 56.1 1931 40 39 31 48 51 34 22 41 60 4 50.2 21.5 79 32 65 0 47 4 1932 31 30 19 42 42 15 8 20 53 5 42.6 14.8 59 24 58 4 42 1 1933 37 36 24 48 48 14 7 18 53.7 47.2 15.9 62 24 55.3 42.8 1934 ... 40 39 30 49 51 17 7 24 58.8 55.1 20.4 67 27 57 2 48 7 1935 47 46 38 55 55 20 13 25 61 3 58.8 23.5 69 29 58 7 52 0 1936 56 55 49 61 63 30 22 35 65 9 63.9 27.2 81 33 59 3 52 5 1937 61 60 55 64 71 32 25 36 70.3 70.1 32.6 84 35 61 4 56 1 1938.... 48 46 35 57 62 35 27 40 66.1 59.6 25.3 67 32 60.3 51 1 1939 58 57 49 66 68 39 37 40 69 3 66.2 29.9 76 35 59 4 50 1 1940 , 67 66 63 69 76 44 43 44 73.3 71.2 34.0 83 37 59 9 51 1 1941 ... 87 88 91 84 81 66 54 74 82.8 87.9 49.3 98 44 62 9 56 8 1942 106 110 126 93 84 89 49 116 90 9 103.9 72.2 104 50 69 7 64 2 1943 127 133 162 103 87 37 24 45 96.3 121.4 99.0 104 56 74 0 670 1944 ... 125 130 159 99 93 22 10 30 95.0 118.1 102.8 106 62 75 2 67 6 1945 107 110 123 96 92 36 16 50 91.5 104.0 87.8 102 70 76.9 68.8 1946 90 90 86 95 91 82 87 79 94.4 97.9 81.2 100 90 83.4 78 7 1947 100 100 101 99 100 84 86 83 99.4 103.4 97.7 108 98 95 5 96 4 1948.,.. 104 103 104 102 106 102 98 105 101.6 102.8 105.1 104 104 102 8 104 4 1949 97 97 95 99 94 113 116 111 99 0 93.8 97.2 88 98 101 8 99 2 1950 112 113 116 111 105 159 185 142 102.3 99.6 111.7 97 105 102 8 103 1 1951.. 120 121 128 114 115 171 170 172 108.2 106.4 129.8 101 109 111 0 114 8 1952 124 125 136 114 114 183 183 183 110.4 106.3 136.6 95 110 113 5 111 6 1953 134 136 153 118 116 192 178 201 113 6 111.8 151.4 96 112 114 4 110 1 1954 125 127 137 116 111 215 232 204 rll0 7 101.8 137.7 86 111 114 8 110 3 1955 *139 M40 "155 »126 P122 261 280 248 r114.2 105.5 152.5 J>95 119 114 5 1955 Mar 135 138 136 148 124 121 260 291 239 112.5 103.5103.2 146.5 93 115 114.3 110.0 Apr. ... 136 138 138 151 126 119 253 286 230 112.9 104.7 103.6146.6 93 119 114.2 110 5 May 138 138 140 153 127 121 245 280 221 113.7 105.6 104.1150.0 96 117 114.2 109.9 June 139 139 141 155 128 122 253 290 228 114.5 106.3 105.7 152.0 94 114 114.4 110 3 July 139 130 141 155 126 120 257 296 231 r114.7 106.1 104.6 150.9 95 124 114 7 110 5 Aug 140 139 142 158 125 121 259 278 246 115.0 106.2 107.2 154.6 96 118 114.5 110.9 Sept 142 142 144 160 128 123 250 256 246 115.3 106.2 108.1 158.6 96 121 114 9 111 7 Oct 143 147 145 161 129 123 260 252 266 115.7 107.1 108.7161.1 98 122 114.9 111.6 Nov. ... 143 145 145 161 130 125 270 252 282 116.0 108.2 109.0 163.8 99 122 115.0 111 2 Dec 144 142 146 161 130 129 301 273 319 116.5 108.3108.7 163.7 101 123 114.7 111.3 1956 Jan 143 143 145 160 129 131 300 290 306 r116.8 108.0 107.2 159.1 103 124 114.6 111 9 Feb 143 144 144 158 130 r131 306 318 298 r116.9 107.2 106.8 157.7 100 118 114.6 112 4 Mar 141 143 142 156 r127 130 287 317 267 r116.7 106.4 106.1 157.9 100 122 114.7 112.8 Apr 143 144 144 160 129 129 277 315 252 117.2 107.2 106.0 158.2 99 *>122 114.9 113.6 M!ay P142 ^142 ^143 *158 129 *>129 »117.2HO6.5 nos.o 455.5 P9S 423 114.3 • Estimated. P Preliminary. r Revised. Nonagricultural employment covers employees only and excludes person- •Average per working day. nel in the armed forces. The figures on employment and payrolls in- 1 Three-month moving average, based on F. W. Dodge Corporation corporate revisions to first-quarter 1955 bench-mark levels. The condata. A description of the index may be obtained from the Division of sumer price index is the revised seriss, reflecting, beginning January Research and Statistics. 1953, the inclusion of some new series and revised weights: prior to * The indexes of employment and payrolls, wholesale commodity prices* January 1953, indexes are based on the "interim adjusted" and "old" and consumer prices are compiled by the Bureau of Labor Statistics. indexes converted to the base 1947-49= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 PRODUCTION INDUSTRIAL PRODUCTION [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1955 1956 pro- Industry portion 1954 1955 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Maj Apr. SEASONALLY ADJUSTED INDUSTRIAL PRODUCTION—TOTAL. 100.00 125 139 136 138 139 139 140 142 143 143 144 143 143 141 143 MANUFACTURES—TOTAL 90.02 127 141 138 140 141 141 142 144 145 145 146 145 144 142 144 Durable Manufactures—Total 45.17 137 155 151 153 155 155 158 160 161 161 161 160 155 r156 160 Primary metals 6.70 108 140 138 140 143 134 139 146 148 149 150 148 148 145 145 Metal fabricating 28.52 150 165 162 163 164 166 168 770 773 772 772 770 755 '755 777 Fabricated metal products 5.73 123 134 130 134 135 135 137 141 142 139 138 136 134 132 135 Machinery 13.68 142 155 '152 153 155 158 159 161 164 162 163 164 162 162 171 Nonelectrical machinery 9.04 125 135 '132 134 136 138 140 141 143 143 144 146 147 '147 151 Electrical machinery 4.64 177 194 191 189 192 197 196 199 205 198 199 197 192 191 209 Transportation equipment 7.54 175 203 202 202 198 202 203 205 208 212 212 205 '202 '197 194 Instruments and related products 1.29 140 149 143 142 149 151 153 155 156 158 159 160 161 160 163 Cla S y to , n g e la , s c s l , a y a , n d a n l d u m g b la e s r s p p ro ro d d u u ct c s ts 5 2 . . 9 8 1 2 1 13 2 1 3 1 1 3 4 8 9 r1 1 3 4 4 6 r1 1 3 4 7 9 1 1 4 5 3 3 1 1 3 5 8 2 1 1 4 5 0 5 1 15 4 5 1 1 15 4 3 1 7 1 3 5 9 6 1 7 5 3 4 9 7 1 4 5 0 4 7 1 3 5 9 5 7 1 3 5 7 6 7 1 3 5 9 8 Lumber and products 3.09 115 127 '124 '125 133 125 127 127 130 124 126 128 124 121 121 Fu F rn u i r t n u i r t e u r a e n d a n m d i s f c i . x t m ur a e n s ufactures 4 1 . . 0 6 4 4 1 10 2 6 1 1 11 3 9 2 1 11 2 3 7 1 1 3 1 2 7 1 12 3 1 6 1 1 3 2 4 2 1 1 3 2 7 4 7 1 3 2 7 5 7 1 3 2 5 4 7 1 3 2 5 3 7 12 3 3 7 7 1 3 2 5 2 7 1 3 2 4 0 ' 1 7 2 3 0 2 7 12 3 1 4 Miscellaneous manufactures 2.40 131 141 136 142 145 143 145 145 145 145 146 144 143 141 142 Nondurable Manufactures—Total.... 44.85 116 126 126 127 128 126 125 128 129 130 130 129 130 r127 129 Te T A xt e p i x l p e t a s il r e e a l n m d a i n l a l d p p p a r a o ll r d i e e u l d c t p s roducts 1 6 5 1 . . .8 3 5 7 2 5 1 1 9 0 0 5 5 0 1 1 1 1 0 0 3 9 7 1 1 1 0 0 1 9 7 2 1 1 1 1 0 1 4 6 0 1 1 1 1 0 1 0 7 4 1 1 1 0 0 1 9 6 2 1 1 1 0 0 1 9 7 2 1 1 1 1 0 1 1 7 6 1 1 1 1 0 1 6 9 2 1 1 1 1 1 1 3 0 7 1 1 1 0 1 1 9 2 6 1 1 1 1 1 0 1 3 8 1 1 1 1 0 1 2 9 4 ' 1 1 1 0 0 0 8 7 6 1 1 10 0 0 9 6 8 Ru R bb u e b r b e a r n d p r l o ea d t u h c e t r s products 3 1 . . 2 4 0 7 1 1 0 1 4 5 1 1 2 4 2 3 1 1 2 4 3 4 1 1 2 4 5 7 1 1 2 4 7 9 1 1 2 3 0 7 1 1 1 3 9 8 7 1 2 4 7 2 1 1 2 4 4 7 7 1 2 4 2 7 7 1 2 4 5 4 7 1 2 4 5 7 ' ' 7 1 2 4 5 0 ' 1 7 3 7 6 9 775 Leather and products 1.73 95 105 105 105 107 106 102 104 105 101 108 108 112 105 ios* Pa P P p r a e i p r n e t a r i n n a d g n p d a r n i a n d l t l i p i n e u g d b l p is ro hi d n u g cts 8 5 3 . . . 9 4 4 3 7 6 1 1 1 2 2 3 0 5 4 1 1 1 2 3 5 7 7 2 7 1 1 5 3 2 1 5 5 1 1 1 3 5 2 8 6 6 1 1 1 3 2 5 9 8 6 1 1 1 2 3 5 8 9 5 1 1 1 2 5 3 8 3 8 1 1 13 4 5 0 0 7 1 1 13 4 5 1 1 6 1 1 1 4 3 5 1 0 7 7 1 1 * 5 2 0 9 8 7 1 1 4 5 3 7 9 0 ' 7 1 1 4 5 3 0 7 0 7 1 1 4 2 5 0 9 7 7 1 1 4 3 6 3 1 0 Ch C e h m e i m ca i l c a a l n s d a p n e d tr o al l l e i u e m d p p r r o o d d u u c c t t s s 9 6 . . 3 8 4 4 1 1 4 4 2 8 1 1 5 6 9 7 1 16 5 3 6 1 1 5 6 9 8 1 1 6 7 1 0 1 1 6 7 0 0 1 1 6 6 0 8 7 1 5 7 3 3 1 17 6 1 2 7 1 5 7 4 3 7 17 5 5 5 7 1 5 7 5 3 7 1 5 7 5 4 ' 7 1 5 7 5 4 7 1 5 7 5 7 Petroleum and coal products 2.50 125 135 136 134 136 134 135 135 137 139 141 142 143 P144 142 Fo T F o o o ds b o , d a b c e a c v o n e d r m a b a g e n e v u s e , f r a a a c n g t d e u r t m e o s b an ac u c fa o ctures 1 1 1 0 . . . 5 7 7 1 8 3 1 1 1 0 0 0 6 3 6 1 1 1 0 0 0 9 5 9 1 1 1 0 0 0 3 9 9 1 1 1 0 0 0 8 9 8 1 1 1 0 0 0 9 9 9 1 1 10 0 0 1 8 8 7 1 1 0 0 0 7 0 8 7 1 1 0 0 0 7 8 0 7 1 1 7 1 0 7 1 5 7 1 1 7 0 1 7 4 2 7 1 1 7 1 0 3 3 7 7 1 1 1 7 0 1 7 9 1 7 1 0 7 1 7 2 2 r 7 1 l 7 0 l 0 7 l 7 1 7 1 2 2 MINERALS—TOTAL 9.98 111 122 119 121 122 120 121 123 123 125 129 131 '131 130 129 Mi C C n o e r A B u r a a d l i n t l e t u f h m u o r e i a i l l n c s a i o t n u e d s c n o a a tu l ral gas 5 2 2 5 . . . . . 6 6 3 3 3 7 8 5 2 6 1 1 7 6 5 1 3 0 7 2 3 4 1 1 4 8 8 4 2 8 5 0 3 3 1 1 4 7 7 4 2 1 7 2 3 1 1 1 4 8 8 2 3 2 1 7 1 9 1 1 4 9 8 2 3 3 2 6 2 9 1 1 9 5 8 3 2 2 3 7 9 3 1 1 4 8 8 4 2 1 2 9 1 2 1 1 8 5 4 8 2 0 0 1 4 2 7 1 4 8 8 4 2 2 0 6 3 3 7 1 4 8 8 2 4 7 0 5 5 7 7 1 9 5 8 5 3 2 8 7 1 0 7 1 9 6 8 3 5 1 2 7 2 3 7 1 9 5 5 8 3 4 1 5 8 7 7 1 9 8 5 5 3 2 6 0 1 0 7 1 9 5 8 3 5 1 5 6 0 0 Me S M t t a o e l n t , a e s l t a o m n n i d e n , i e n a a g n r d th e m ar i t n h e r m a i l n s erals 1. . . 6 8 8 3 1 2 1 1 9 2 0 0 3 6 1 1 1 1 3 2 0 0 0 1 1 12 0 1 9 0 4 1 1 1 1 2 2 1 9 0 1 1 1 2 2 1 9 3 7 1 1 8 3 0 8 0 9 7 1 1 7 3 0 7 0 5 1 1 1 3 1 2 3 9 6 7 1 13 2 2 1 5 0 7 1 1 2 3 1 4 4 4 7 1 1 2 3 1 3 5 2 7 1 12 3 2 1 7 9 ' ' 1 1 7 3 2 3 8 1 0 ' 1 1 7 3 2 3 9 0 0 7 1 1 2 4 1 5 0 0 WITHOUT SEASONAL ADJUSTMENT INDUSTRIAL PRODUCTION—TOTAL 100.00 125 139 138 138 139 130 139 142 147 145 142 143 144 143 144 MANUFACTURES—TOTAL 90.02 127 141 140 140 141 132 140 144 150 148 143 144 146 145 146 Durable Manufactures—Total 45.17 137 155 155 155 155 146 153 157 164 163 161 160 161 161 163 Primary metals 6.70 108 140 144 143 144 122 132 143 149 149 147 151 152 152 151 Ferrous metals , 5.03 105 138 143 143 141 125 132 142 148 147 145 149 149 149 149 Pig iron and steel , 3.51 108 144 147 149 146 132 140 149 153 154 153 158 158 159 158 Pig iron , .37 101 134 134 138 137 129 134 140 141 140 141 143 143 145 145 Steel 3.05 109 146 148 151 147 133 141 150 154 156 154 159 159 160 159 Carbon steel , 2.62 108 141 145 148 144 130 136 144 149 150 149 153 153 155 155 Alloy steel , .43 115 171 171 169 169 147 168 186 188 189 182 197 199 192 181 Ferrous castings and forgings , 1.52 97 124 133 128 129 108 114 125 137 131 128 128 130 128 129 Iron and steel castings , 1.29 95 123 132 127 127 108 114 123 135 129 126 125 128 126 128 Steel forgings .23 106 133 140 132 139 108 115 133 148 141 141 143 142 142 136 • Revised. For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

637 PRODUCTION INDUSTRIAL PRODUCTION—Continued fFederal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1955 1956 pro- Industry portion 1954 1955 Apr. May June July Aug. Sept. Oct. Nov. Dec.Jan. Feb. Mar.Apr. WITHOUT SEASONAL ADJUSTMENT —Continued Primary metals—Continued Nonferrous metals 1.67 120 146 148 144 154 112 132 147 153 154 153 159 160 H61 158 Primary nonferrous metals .38 147 164 166 166 167 127 150 173 171 173 175 172 176 '181 183 Copper smelting .09 101 122 133 132 130 49 95 139 136 130 128 132 133 139 139 Copper refining .06 109 123 124 133 133 50 97 142 126 136 143 122 134 141 142 Lead .04 105 103 115 101 110 53 82 116 119 121 112 114 117 120 121 Zinc .10 101 120 118 118 119 116 116 117 122 123 127 124 126 126 126 Aluminum .09 244 261 257 258 259 261 263 265 265 272 277 276 279 287 294 Secondary nonferrous metals .13 105 123 124 123 121 100 118 130 135 130 125 Nonferrous shapes and castings 1.16 113 142 144 139 154 108 127 141 149 150 148 158 159 '158 152 Copper mill shapes .63 100 114 114 110 128 75 91 110 114 118 120 134 132 129 120 Aluminum mill shapes .20 154 208 204 209 228 188 215 218 222 219 210 226 225 241 243 Nonferrous castings .33 114 156 168 155 158 124 144 173 169 164 163 170 166 Metal Fabricating 28.52 150 165 166 165 163 157 162 165 173 174 173 174 Fabricated metal products 5.73 123 134 131 134 135 130 139 142 145 139 137 135 134 134 136 Structural metal parts 2.68 126 136 132 136 136 132 137 141 144 145 144 140 138 138 140 Stampings and misc. metal products.... 2.12 117 130 129 131 128 125 126 129 134 138 137 131 129 126 125 Tin cans .30 131 142 126 143 149 168 203 192 197 95 102 109 116 127 189 Furnaces, gas ranges, and heaters .63 90 111 107 105 117 128 142 134 117 92 109 110 115 107 Machinery 13.68 142 155 152 151 142 153 161 169 164 164 167 168 168 172 Nonelectrical machinery 9.04 125 135 134 135 137 131 131 137 141 141 149 152 154 154 Farm and industrial machinery 8.13 121 130 126 129 1J1 128 129 131 136 138 143 144 145 146 148 Farm machinery 1.02 79 91 95 95 95 92 87 69 92 94 97 98 '95 94 92 Industrial and commercial machinery 7.11 127 135 131 134 136 133 135 140 142 144 150 150 153 <-I54 156 Machine tools and presses .68 160 163 154 157 161 160 165 168 170 178 190 190 195 '196 197 Laundry and refrigeration appliances .69 114 144 161 155 157 116 113 147 141 130 141 164 173 183 175 Electrical machinery 4.64 177 194 189 181 184 165 194 207 223 208 197 201 200 '196 207 Electrical apparatus and parts 3.23 160 174 171 175 176 169 170 175 188 180 184 184 184 '184 203 Radio and television sets .74 214 242 228 190 192 143 254 289 315 280 225 240 233 218 209 Transportation equipment 7.54 175 203 213 209 200 197 192 185 200 216 214 206 205 '203 202 Autos, tracks, and parts 4.80 109 153 171 165 151 147 137 122 144 167 159 147 143 '139 137 Autos 1.50 131 190 223 205 184 195 166 130 153 212 193 173 164 163 162 Trucks .66 92 115 137 132 134 126 106 102 106 122 122 113 125 130 131 Light trucks .22 95 114 148 139 124 119 93 106 121 128 106 101 109 104 102 Medium trucks .19 59 69 89 88 81 81 65 53 50 73 67 67 71 68 69 Heavy trucks .14 133 172 193 192 220 203 167 138 138 172 216 194 227 258 265 Truck trailers .07 130 183 185 176 205 174 192 199 202 199 192 173 187 190 195 Auto and truck parts 2.58 101 141 150 150 137 125 129 122 149 153 150 141 135 128 Aircraft and parts 1.30 474 481 472 469 466 469 469 484 490 500 516 517 521 '513 Shipbuilding and repair .81 112 115 117 115 118 114 117 117 115 109 111 rm 118 '122 123 Railroad equipment .53 39 42 38 47 41 37 45 45 50 48 51 60 66 68 Railroad cars 29 38 54 49 57 60 .35 30 28 39 29 22 32 30 33 36 40 Instruments and related products 140 158 161 161 165 1.29 149 144 142 149 147 150 155 159 161 160 Clay, Glass, and Lumber Products 123 135 135 141 5.91 138 137 139 146 133 145 147 140 132 132 Stone, clay, and glass products 2.82 131 149 146 149 155 149 158 158 161 157 153 150 150 '153 158 Glass and pottery products 1.09 118 134 132 132 136 124 138 137 144 143 141 141 141 140 143 Flat glass and vitreous products .60 131 155 150 152 154 139 152 161 164 169 172 168 163 163 165 Flat and other glass .47 133 156 152 152 154 136 153 163 167 172 174 171 167 163 165 Glass containers .26 117 126 125 123 138 130 143 127 133 119 111 121 130 130 135 Home glassware and pottery .23 85 91 95 89 88 76 95 86 102 101 96 91 96 93 93 Cement .32 135 148 151 159 163 161 164 164 164 151 136 126 123 137 Structural clay products .35 111 127 121 125 134 128 138 140 138 137 130 129 132 '137 Brick .12 113 131 127 132 146 134 146 151 142 141 122 122 124 132 140 Clay firebrick, pipe, and tile .20 111 127 120 122 128 126 134 134 137 136 137 136 139 M42 137 Concrete and plaster products .48 161 180 174 184 190 191 195 196 192 186 181 175 177 '181 191 Misc. stone and earth manufactures .58 140 166 160 164 170 167 174 175 177 176 176 171 171 171 172 Lumber and products 3.09 115 127 129 129 137 118 133 136 138 124 113 116 121 119 126 Lumber 2.05 106 112 115 116 122 108 119 121 122 106 98 100 104 105 112 Millwork and plywood .60 161 197 201 195 207 160 198 209 213 201 173 189 201 193 199 Millwork .39 123 144 148 139 151 121 148 155 160 143 110 114 128 118 123 Softwood plywood .12 222 284 288 285 299 224 279 295 299 295 278 313 321 316 324 Wood containers .29 90 89 91 94 85 86 90 93 92 94 90 91 91 93 Furniture and Misc. Manufacturing ... 4.04 121 132 125 127 137 125 134 144 142 140 133 134 132 Furniture and fixtures 1.64 106 119 111 113 116 113 123 127 128 128 128 122 123 122 119 Household furniture 1.10 106 120 113 114 118 114 124 129 131 131 130 124 125 123 118 Fixtures and office furniture .54 107 115 107 111 114 111 121 123 123 121 122 119 119 120 120 Miscellaneous manufactures 2.40 131 141 135 137 141 133 142 149 154 152 149 141 145 142 141 T Revised For other footnotes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 PRODUCTION INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average= 100] 1947-49 Annual 1955 1956 pro- Industry portion 1954 1955 Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 44.85 116 126 124 124 127 117 128 130 135 132 125 128 131 130 129 Textiles and Apparel 11.87 100 109 113 110 108 93 112 109 114 114 106 113 119 115 111 Textile mill Dro ducts 6.32 95 107 109 108 106 91 108 106 112 111 105 111 115 110 108 3.72 100 113 118 116 110 96 115 111 117 118 110 119 123 115 112 Cotton consumption 2.30 97 103 103 104 100 84 106 103 109 109 101 110 112 108 107 Synthetic fabrics .97 108 137 154 146 135 133 134 132 133 135 131 135 141 132 119 .45 93 100 107 103 92 67 106 87 109 110 92 111 118 98 103 Wool textiles .97 66 79 79 83 85 73 79 80 85 83 80 83 84 85 89 .16 76 85 89 91 84 80 90 80 90 86 78 94 97 89 97 Wool fabrics .75 64 78 77 82 86 72 77 80 84 83 82 80 81 84 87 1.15 106 110 108 108 113 98 113 114 119 116 107 107 114 110 110 .65 108 106 109 103 108 85 104 106 113 108 99 106 114 105 105 .45 113 110 116 108 111 86 107 107 114 109 100 107 117 110 112 .20 97 99 93 92 102 82 99 101 110 106 96 102 108 93 90 Knit garments. .50 103 115 106 113 119 116 123 125 126 125 118 110 115 116 116 .48 .31 71 79 85 71 81 44 72 85 89 77 84 83 93 '91 89 Annarel and allied Dro ducts . 5.55 105 113 117 113 110 95 116 111 117 117 107 117 124 120 114 Mien's outerwear 1.78 103 111 118 119 107 84 120 109 117 116 102 119 124 118 119 .73 83 92 92 105 92 59 110 91 95 94 84 99 99 99 .03 Mien's suits .50 82 90 90 100 86 55 102 84 93 95 86 103 103 101 99 .13 67 77 76 101 92 60 115 99 82 69 55 55 59 67 92 Shirts and work cloth in2 .... .99 116 123 135 127 117 98 126 119 130 131 113 132 141 130 129 Women's outerwear 1.85 109 116 129 116 114 98 117 108 113 113 98 118 132 127 115 'Women's suits and coats .76 129 134 109 96 123 129 145 129 139 143 119 145 155 135 95 Misc apparel and allied mfrs 1.92 103 111 103 104 108 103 112 117 122 119 113 117 114 107 122 3.20 704 122 124 121 126 705 179 124 730 119 127 H32 r125 120 122 1.47 115 143 147 146 151 121 133 144 155 139 149 146 141 Tires and tubes .70 105 131 128 135 146 127 116 128 140 115308 120 129 134 no Auto tires .40 110 140 140 150 161 138 125 135 !43 140 121 131 135 131 Truck and bus tires .30 99 120 113 116 126 111 104 119 136 134 118 126 130 Miscellaneous rubber products . .77 124 154 164 155 155 115 K8 158 170 161 156 167 157 151 1.73 95 105 105 100 105 92 108 107 109 99 102 109 120 111 10* Leather .44 87 92 95 93 95 74 90 90 97 95 103 95 Cattlehide leathers .29 92 99 102 99 101 79 96 98 105 102 103 100 109 102 Skin leathers .15 75 79 82 80 83 63 77 74 82 81 80 r80 r90 80 .90 Miscellaneous leather oroducts .39 90 99 92 89 96 97 104 104 106 105 ''04 98 103 "98' 91 8.93 725 137 737 137 73* 725 735 141 147 144 137 138 141 144 146 3.46 134 152 154 153 156 139 155 157 167 159 146 157 162 163 165 1.76 132 149 148 151 154 135 151 150 158 156 144 163 161 163 .51 148 169 169 171 175 156 173 169 179 178 164 181 185 183 184 1.25 125 140 140 143 145 126 141 143 150 147 136 149 154 153 154 Printing paper .22 118 127 127 128 130 112 127 no 132 133 127 137 144 141 142 .14 120 133 131 148 138 107 122 134 140 136 129 144 142 152 153 hoarse paper .20 119 129 130 129 130 117 126 128 137 132 125 137 145 140 142 Miscellaneous paper .18 137 158 160 158 159 148 156 156 176 167 154 172 169 170 177 Paperboard .41 130 149 147 151 158 133 155 153 160 161 144 159 163 159 161 Building paper and board .10 124 137 139 142 142 133 151 145 142 137 124 127 139 148 141 1.70 136 156 159 154 158 144 159 165 177 161 149 156 162 165 168 Shirjoinc containers .51 133 155 156 154 159 141 160 167 175 160 149 147 157 165 162 .11 145 158 166 152 154 153 152 156 180 163 148 179 173 163 185 Printing and nublishine . 5.47 120 127 127 127 127 121 123 131 135 135 130 126 128 132 134 1.85 119 128 134 135 131 112 116 132 142 143 126 119 127 134 141 Job nrintins and periodicals 3.62 121 127 124 124 125 125 127 131 131 131 133 129 129 131 130 Chemical and Petroleum Products 9.34 742 159 756 156 757 152 757 162 166 168 167 168 170 r169 168 Chemicals and allied products 6.84 148 167 165 165 165 158 163 111 176 178 111 177 179 179 179 2.54 153 184 182 182 185 176 182 190 192 197 197 199 r201 r201 200 Basic inorganic chemicals .57 157 180 180 185 179 159 166 179 188 195 194 197 204 201 Industrial organic chemicals 1.97 152 186 182 182 186 181 187 194 192 198 198 200 '200 200 .24 184 242 247 244 246 207 234 264 261 268 253 261 264 259 Synthetic rubber .11 136 213 202 211 208 211 217 222 230 243 233 241 249 243 244 Synthetic fibers .59 152 186 189 178 184 177 184 191 188 197 196 195 194 191 182 Miscellaneous organic chemicals 1.03 146 169 161 166 171 174 175 176 175 178 183 183 185 187 191 Vegetable and animal oils .64 118 124 108 109 105 99 103 122 156 165 148 152 157 141 133 Vegetable oils .48 113 117 99 98 93 87 90 115 157 162 144 147 150 134 123 .16 133 145 134 142 143 133 145 144 154 174 159 168 175 162 163 Soap and allied products . • . .71 108 110 108 105 103 79 104 126 130 118 115 104 109 108 111 Paints .66 116 125 122 125 131 130 130 126 127 126 126 123 125 125 125 Fertilizers .23 122 125 176 154 109 91 90 115 118 114 118 122 131 168 188 r Revised. For other footnotes see opposite page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 639 INDUSTRIAL PRODUCTION—Continued [Federal Reserve indexes, 1947-49 average = 100] 1947-49 Annual 1955 1956 pro- Industry portion 1954 1955 Apr. May June July Aug. Sept.Oct. Nov. Dec. Jan. Feb. Mar. Apr. WITHOUT SEASONAL ADJUSTMENT —Continued 2.50 125 135 132 131 136 134 138 136 138 140 141 143 143 142 2138 PePtreotlreoulme uamn rde fcionailn gp r.o.d.ucts 1.97 133 142 136 135 140 141 143 141 143 148 152 154 151 148 p\42 Gasoline 1.04 141 152 144 146 152 156 157 155 157 158 161 158 155 155 2>150 Automotive gasoline .98 136 147 140 141 146 151 151 149 151 153 156 153 151 150 Aviation gasoline .06 221 233 212 226 246 247 257 247 252 236 247 242 231 245 Fuel oil .56 128 138 129 128 133 131 133 132 134 141 149 160 158 149 *>140 Distillate fuel oil .30 158 175 163 161 173 167 172 172 171 178 187 204 203 192 Residual fuel oil .26 93 94 91 91 88 89 89 87 92 99 105 110 105 99 Kerosene .10 110 107 102 97 88 94 95 91 101 112 129 126 126 112 Lubricating oil .17 108 114 124 113 118 108 116 111 111 126 112 119 115 119 Coke .26 84 104 104 105 103 101 104 107 108 110 111 111 111 111 110 Asphalt roofing and siding... ... .15 103 110 131 124 144 114 142 131 131 97 57 66 100 127 Foods* Beverages, and Tobacco . . . 11.51 106 109 101 105 112 120 117 121 123 114 104 102 102 103 104 Food and beverase manufactures 10.73 106 109 101 104 112 111 117 122 124 114 105 102 102 103 104 Food manufactures 8.49 107 109 100 102 108 109 118 125 125 118 109 106 104 102 103 Meat products 1.48 117 128 118 114 114 104 118 129 143 150 152 153 140 136 131 Beef .46 135 142 133 138 147 137 151 155 154 146 140 158 145 142 150 Pork .83 103 116 106 98 93 83 96 111 133 148 154 146 133 129 117 .69 106 107 117 140 145 132 120 101 88 83 84 91 99 109 121 Butter .14 110 105 119 143 139 116 90 84 88 83 94 104 107 114 128 Natural cheese .07 116 116 133 164 165 130 113 102 90 87 92 96 103 116 132 .19 94 97 116 143 138 107 94 82 75 71 79 85 94 106 123 Ice cream .28 104 109 107 122 139 153 151 118 93 86 76 84 93 102 109 Cained and frozen foods... 1.13 112 118 81 87 110 142 198 201 161 114 95 85 83 82 85 Grain-mill products 1.16 107 105 102 104 110 110 106 108 111 102 100 100 98 r99 98 Wheat flour .46 81 83 79 76 80 80 77 83 96 86 84 85 81 84 79 Cereals and feeds .70 124 119 116 122 129 130 125 124 122 112 110 in 109 r109 110 Bakery products 1.64 97 97 94 97 100 100 98 99 100 99 99 95 95 94 94 Sugar .27 117 115 64 64 71 73 81 111 247 261 182 87 57 59 Cane sugar .11 106 113 101 102 108 121 128 129 130 103 112 109 102 109 Beet sugar .13 121 111 27 28 35 26 36 90 340 393 236 63 14 11 .71 99 101 93 78 86 65 79 140 134 129 91 112 115 97 98 1.41 105 106 103 106 110 113 111 109 108 104 101 99 102 r103 103 Beverages 2.24 103 107 107 113 127 121 114 111 118 102 91 87 96 r105 109 Rottied soft drinks .54 Alcoholic beverages 1.70 98 102 106 107 117 106 104 102 117 105 88 84 94 105 Beer and ale ... 1.02 99 101 113 120 126 122 118 97 88 77 81 86 92 103 Liquor distilling .17 68 77 68 58 58 40 46 83 157 129 95 75 75 82 Liquor bottling .37 102 109 104 96 120 99 94 118 154 146 96 79 102 113 Tobacco manufactures .78 103 105 99 109 116 92 112 107 114 107 88 107 105 105 Cigarettes .46 106 109 102 115 121 99 117 109 117 108 91 112 107 109 Cigars .17 105 104 99 105 111 82 110 111 118 113 87 103 109 104 MINERALS—TOTAL 9.98 111 122 119 122 121 119 124 126 127 126 127 129 127 127 129 Mineral Fuels . 8.35 113 123 120 120 118 119 122 123 125 128 131 133 131 r130 130 Coal 2.68 67 80 72 77 74 77 82 83 88 87 91 91 88 86 86 Anthracite .36 52 48 39 43 46 42 39 53 51 51 54 61 55 46 53 2.32 70 85 77 83 78 82 89 88 93 93 97 95 94 92 91 5.67 134 143 143 139 139 139 141 142 143 147 151 153 151 151 ^150 Oil and gas extraction 4.82 128 137 138 133 132 132 133 135 137 142 146 147 147 148 *>145 4.12 122 131 132 128 127 127 128 129 131 134 137 138 138 139 2>137 Natural gas .34 172 185 183 170 173 165 167 176 181 196 209 219 Natural gas liquids .36 160 169 161 157 157 159 163 170 174 183 186 186 187 186 Oil and gas well drilling ... .85 167 175 174 175 177 178 187 180 175 173 177 185 173 171 Metal, Stone, and Earth Minerals 1.63 106 120 114 132 138 120 132 141 137 720 106 106 108 109 124 .82 90 110 101 131 141 104 126 141 136 105 83 87 r91 r91 111 Iron ore .33 84 113 79 152 179 168 179 181 165 92 44 42 49 46 Nonferrous metal mining . .49 94 108 115 117 116 62 90 114 116 114 108 118 r119 122 .24 103 123 132 135 133 50 96 134 137 135 127 140 138 140 Lead mining . . . .09 80 84 87 88 87 79 78 82 84 79 82 81 r88 91 93 .06 75 81 83 86 84 81 79 81 80 77 74 80 r86 90 89 Stone and earth minerals .81 123 130 128 133 134 135 139 141 139 135 129 124 126 128 138 * Preliminary. r Revised. group in addition to the groups shown. Certain types of combat materiel 1 Publication suspended pending revision for the period 1952 to date. are included in major group totals but not in individual indexes for autos, 2 Publication suspended pending adjustment to revised Census produc- farm machinery, and some other products, as discussed in the BULLETIN tion figures for the period 1950 to date. for December 1953, pp. 1269-1271. NOTE.—A number of groups and subgroups include individual series For description and back figures, see BULLETIN for December 1953. not published separately, and metal fabricating contains the ordnance pp. 1247-1293 and pp. 1298-1328, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 PRODUCTION OUTPUT OF CONSUMER DURABLE GOODS [Federal Reserve indexes, 1947-49 average = 100] 1947_49 Annual 1955 1956 Product proportion 1954 1955 Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. SEASONALLY ADJUSTED CONSUMER DURABLES TOTAL 100.00 116 147 144 145 144 150 151 154 152 151 149 143 137 132 132 M^ajor Durables 69.72 125 164 164 163 160 169 169 172 168 167 163 156 148 143 142 32.10 131 190 192 190 173 188 189 195 194 196 187 171 158 148 142 M^aior household goods . 36.13 122 144 141 141 151 155 155 156 148 143 144 146 141 141 145 Fu H rn o i u tu se re h o a l n d d f f u lo rn o i r t u c r o e verings 1115..3312 1 10 0 6 1 1 1 2 1 0 6 1 11 1 5 0 1 1 1 1 8 3 1 1 2 1 2 7 1 12 1 1 7 1 1 2 2 5 1 1 12 2 7 3 1 12 2 6 1 1 1 2 2 6 1 1 12 2 5 1 1 12 2 4 0 1 1 1 23 9 1 12 1 1 7 1 12 1 1 6 4.01 15.60 111 138 142 142 i45 146 143 147 i37 134 143 150 146 149 Major appliances 11.88 115 142 149 148 149 154 150 153 147 141 152 155 150 151 160 Ranges . . 2.60 79 100 101 105 122 119 98 98 95 90 104 113 110 111 110 4.98 124 151 158 158 163 161 160 166 162 146 151 140 145 153 160 Laundry appliances 2.51 148 193 199 188 163 193 206 205 187 200 227 242 221 206 222 Heating apparatus 3.72 97 120 121 125 132 121 119 126 108 in 115 134 133 139 Radio and television sets 5.21 214 242 226 222 269 290 294 279 259 235 216 207 194 186 207 Radio sets 3.42 52 77 65 68 66 76 70 72 95 103 101 72 66 62 55 Television sets .... 1.79 522 558 532 516 658 698 720 676 572 486 436 465 439 423 496 Other Consumer Durables .... 30.28 95 106 100 103 106 106 107 111 114 114 114 113 111 109 110 Auto parts and tires 14.00 91 102 97 100 102 101 101 107 108 108 112 113 106 104 103 Misc home and personal goods 16.28 99 109 103 105 109 111 112 115 118 119 117 114 115 112 115 WITHOUT SEASONAL ADJUSTMENT CONSUMER DURABLES—TOTAL 100.00 116 147 156 147 144 137 139 136 146 159 148 144 143 143 141 69.72 125 164 181 167 160 152 152 145 157 177 165 159 157 157 154 32.10 131 190 223 205 184 195 166 130 153 212 193 173 164 163 162 Major household goods 36.13 122 144 146 136 141 115 141 159 162 150 142 150 153 155 150 Furniture and floor coverings 15.32 101 116 111 109 113 105 117 124 127 124 125 120 123 121 117 Household furniture ... 11.31 106 120 113 114 118 114 124 129 131 131 130 124 125 123 118 4.01 Appliances and heaters 15.60 111 138 152 H5 i52 116 127 151 145 131 130 148 156 168 Ivtajor appliances .. 11.88 115 142 165 156 160 120 122 149 144 133 140 161 169 183 178 Ranges 2.60 79 100 106 100 117 76 91 107 105 97 99 115 118 125 115 Refrigeration appliances 4.98 124 151 194 183 191 144 116 143 131 113 130 157 165 194 197 Laundry appliances .. 2.51 148 193 193 181 168 131 181 219 218 220 222 235 252 237 222 Heating apparatus 3.72 97 120 113 113 128 103 142 159 148 125 97 109 113 121 Radio and television sets 5.21 214 242 228 189 192 143 254 289 315 279 224 239 233 218 209 Radio sets 3.42 52 77 74 75 65 49 62 68 99 105 96 72 72 70 63 1.79 522 558 521 408 434 321 619 710 726 612 470 559 540 499 486 30.28 95 106 99 102 106 103 110 115 120 117 111 109 110 108 109 Auto parts and tires .. 14.00 91 102 95 100 105 102 107 113 115 108 104 107 101 101 101 Misc home and personal goods 16.28 99 109 103 103 106 103 112 116 124 124 118 111 116 115 115 •• Revised. carpets, appliances, heating apparatus, radio sets, and television sets may l Publication suspended pending revision for the period 1952 to date. be obtained from the Division of Research and Statistics. For a description of this index, see BULLETIN for May 1954, pp. 438-447. NOTE.—Individual indexes without seasonal adjustment for woven VALUE OF NEW CONSTRUCTION ACTIVITY Joint estimates of the Departments of Commerce and Labor. Seasonally adjusted. In millions of dollars] ]Private Public Year or month Total Business Other Total d R en es ti i a - l Total In tr d i u al s- m C e o r m ci - al P u u ti b li l t i y c n d r t e o e i s a n n i l - - - Total M ta i r l y i- H w ig ay h- s C e ti r o o v n n a - - o A th l e l r 1948 21,678 16,853 8,580 5,693 1,397 1,253 3,043 2,580 4,825 158 1,774 629 2,264 1949 22,789 16,384 8,267 5,322 972 1,027 3,323 2,795 6 405 137 2 131 793 3 344 1950 28,454 21,454 12,600 5,680 1,062 1,288 3,330 3,174 7,000 177 2 272 881 3 670 1951 31,182 21,764 10,973 7,217 2,117 1,371 3,729 3 574 9 418 887 2 518 853 5 160 1952 33,008 22,107 11,100 7,460 2,320 1,137 4,003 3,547 10 901 1,388 2 820 854 5 839 1953 35,271 23,877 11,930 8,436 2,229 1,791 4,416 3,511 11,394 1,307 3 160 830 6 097 1954r 37,782 25,853 13,496 8,583 2,030 2,212 4,341 3,774 11,929 1,030 3 870 704 6 325 1955r 42,991 30,572 16-595 10,046 2,399 3,043 4,604 3,931 12,419 1,297 4,520 593 6,009 1955 Mayr 3,642 2,578 [,419 823 191 250 382 336 1,064 111 390 55 508 June r 3,608 2,578 1,420 833 198 245 390 325 1 030 116 350 53 511 July 3,598 2,607 1,435 843 205 253 385 329 991 114 343 50 484 Aug r 3,638 2,620 [,433 864 207 272 385 323 1,018 112 376 46 484 Sept r 3,623 2,629 [,422 883 209 290 384 324 994 114 345 43 492 Oct r 3,598 2,594 [,375 896 213 292 391 323 1,004 118 363 43 480 Nov r 3,601 2,551 ,342 879 217 273 389 330 1,050 111 403 43 493 Dec r .... 3,580 2,519 ,322 870 219 262 389 327 1,061 108 432 46 475 1956 Jan r 3,593 2,481 ,286 874 217 266 391 321 1,112 100 467 48 497 Feb r 3,599 2,496 ,279 894 220 282 392 323 1 103 103 443 48 509 Mar.p 3,551 2,497 ,263 909 228 291 390 325 1,054 96 411 51 496 Apr v 3 617 2 522 ,267 922 241 293 388 3^3 1 095 104 438 53 500 Mayp 3,632 2,512 .250 925 257 280 388 337 1,120 118 443 56 503 p Preliminary. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION 641 CONSTRUCTION CONTRACTS AWARDED, BY TYPE OF OWNERSHIP AND BY TYPE OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] By type of By type of construction ownership Year or month Total Nonresidential building Public Resi- works Public Private dential and building t F o a ri c e - s m C e o r m cia - l E ti d o u n c a a l - Other u p t u il b it l i i e c s 1948 9,430 3,107 6,323 3,608 840 975 725 1.127 2,155 1949 10,359 3,718 6,641 4,239 559 885 824 1,376 2,476 1950 . 14,501 4,409 10,092 6,741 1,142 1,208 1,180 1,651 2,578 1951 15,751 6,122 9,629 6,205 2,883 915 1,335 1,689 2,723 1952 16,775 6,711 10,064 6,668 2,558 979 1,472 1,686 3,412 1953 17,443 6,334 11,109 6,479 2,051 1,489 1,720 1,695 4,008 1954 19,770 6,558 13,212 8,518 1,274 1,815 2,063 1.958 4,142 1955 23,745 7,475 16,270 10,185 1,878 2,359 2,134 2^126 5,063 1955 May 2,185 *75 1,510 1,011 171 183 201 171 448 June . . . • 2,255 757 1,498 951 163 228 181 270 461 July 2,272 761 1,511 959 146 288 231 227 420 1,895 549 1,346 835 170 215 153 144 378 Sept 2,035 621 1,414 733 201 197 163 148 593 Oct ... .... 1,863 551 1,312 783 186 185 163 158 388 Nov 1,797 527 1,269 726 178 200 143 142 408 Dec 1,921 730 1,190 711 148 197 237 144 483 1956—Jan 1,858 675 1,183 694 158 161 190 153 503 Feb 1,860 598 1,262 799 171 183 145 131 430 Mar 2,382 638 1,744 1,105 267 206 226 183 395 2,421 745 1,677 1,144 196 210 203 213 456 May 2,480 1,129 159 217 202 242 531 CONSTRUCTION CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts, in millions of dollars] Federal Reserve district Total Month (11 districts) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas |955_Feb 1,581 140 216 112 163 177 172 217 93 46 116 131 2,135 121 297 160 221 198 245 368 148 90 137 150 Apr 2,322 126 306 119 212 266 272 492 119 73 181 157 1956—Feb. 1,860 no 347 114 250 128 219 256 86 60 80 210 Mar 2,382 136 355 138 261 172 276 504 138 78 138 185 Apr 2,421 145 442 145 295 194 263 436 135 89 92 184 PERMANENT NONFARM DWELLING UNITS STARTED [Bureau of Labor Statistics estimates. In thousands of units] Non- Private Government-underwritten* Metro- Year or month Total politan politan Public areas areas Total 1- 2- Multi- Total FHA VA family family family 1948 932 n.a. n.a. 914 763 46 104 18 393 291 102 1949 ,025 n.a. n.a. 989 792 35 162 36 466 361 105 1950 ,396 n.a. n.a. 1,352 1,151 42 159 44 686 486 200 1951 ,091 n.a. n.a. 1,020 892 40 88 71 413 264 149 1952 ,127 n.a. n.a. 1,069 939 46 84 58 420 279 141 1953 ,104 n.a. n.a. 1,068 933 42 94 36 407 252 155 1954 ,221 897 324 1,202 1,077 34 90 19 585 277 308 1955 .329 976 353 1,310 1,190 33 87 20 670 277 393 1955 May 138 100 38 135 122 3 10 3 66 28 38 135 99 36 131 121 3 8 3 72 32 40 July 123 88 34 122 113 3 6 1 63 26 37 Aus .. 125 92 33 122 112 3 8 2 68 27 41 Sept 115 84 31 114 104 2 7 1 r59 25 34 Oct. 106 77 29 105 95 2 7 1 54 19 35 Nov 89 65 25 88 80 2 6 1 45 17 28 Dec 76 55 21 74 66 2 5 3 38 16 22 1956 Jan 75 54 21 74 66 2 5 1 36 13 23 Feb 78 56 22 77 69 2 6 1 r30 13 17 Mar P96 69 27 P94 n.a. n.a. n.a. P2 38 17 21 Apr . . P106 75 31 P105 n.a. n.a. n.a. Pi 46 20 26 May *>108 77 31 *>107 n.a. n.a. n.a. n 47 20 27 P Preliminary. r Revised n.a. Not available. figures are based on field office reports of first compliance inspecti ons: i Represents units started under commitments of FHA or VA to in- earlier VA figures are estimates based on loans-closed information. <»ure or guarantee the mortgage. VA figures after June 1950 and all FHA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 EMPLOYMENT LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT [Bureau of the Census estimates, without seasonal adjustment. In thousands of persons! Civilian labor force Total non- Total Employed i Not in the Year or month institutional labor Unem- labor force population force Total ployed Total In nonagricul- In tural industries agriculture 1948 108,482 62,748 61,442 59,378 51,405 7,973 2,064 45 733 1949 109,623 63,571 62,105 58,710 50,684 8,026 3,395 46,051 1950 . 110,780 64,599 63,099 59,957 52,450 7,507 3,142 46,181 1951 111,924 65,832 62,884 61,005 53,951 7,054 1,879 46 092 1952 113,119 66,410 62,966 61,293 54,488 6,805 1,673 46 710 1953 . 115 095 67,362 63,815 62,213 55,651 6,562 1 602 47 732 1954 116,220 67,818 64,468 61,238 54,734 6,504 3,230 48 402 1955 117,388 68,896 65,848 63,193 56,464 6,730 2,654 48 492 1955—May 117,236 68,256 65,192 62,703 55,740 6,963 2,489 48,979 June 117,318 69,692 66,696 64,016 56,335 7,681 2,679 47 626 July 117,404 70,429 67,465 64,994 57,291 7,704 2,471 46,975 Aug 117,517 70,695 67,726 65,488 57,952 7,536 2,237 46 823 Sept 117,634 69,853 66,882 64,733 56,858 7,875 2,149 47,781 Oct 117 749 70 250 67,292 65,161 57,256 7 905 2,131 47 499 Nov 117,864 70,164 67,206 64,807 57,887 6,920 2,398 47 701 Dec 117,995 69,538 66,592 64,165 58,281 5,884 2,427 48,457 1956 Jan 118,080 68,691 65,775 62,891 57,256 5,635 2,885 49,388 Feb 118,180 68,396 65,490 62,576 57,107 5,469 2,914 49,784 Mar . . . 118 293 68,806 65,913 63,078 57,400 5 678 2 834 49 488 Apr 118 367 69,434 66,555 63,990 57,603 6,387 2,564 48*933 M!ay 118,537 70,711 67,846 65,238 58 092 7 146 2,608 47,826 1 Includes self-employed, unpaid family, and domestic service workers. views of households on a sample basis. Monthly data through June 1955 NOTE.—Information on the labor force status of the population, relate to the calendar week that contains the eighth day of the month; beginning July 1955, to the calendar week that contains the fifteenth day; relating to persons 14 years of age and over, is obtained through inter- annual data are averages of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION [Bureau of Labor Statistics. In thousands of persons] Transporta- Federal, Year or month Total M t a u n r u in f g ac- Mining co C n o st n r t u r c a t c i t on ti p o u n b a li n c d Trade Finance Service Sta l t o e c , a a l nd utilities government 1948 44 448 15,321 982 2,169 4,141 9,519 1,741 4,925 5 650 1949 43,315 14,178 918 2,165 3,949 9,513 1,765 4,972 5,856 1950 44 738 14 967 889 2 333 3,977 9,645 1,824 5,077 6 026 1951 47 347 16 104 916 2,603 4,166 10,012 1,892 5,264 6 389 1952 48,303 16,334 885 2,634 4,185 10,281 1,967 5,411 6,609 1Q53 . 49,681 17 238 852 2,622 4,221 10,527 2,038 5,538 6 645 1954 48,431 15,995 111 2,593 4,009 10,520 2,122 5,664 6,751 1955 49,950 16,557 770 2,780 4,056 10,803 2,215 5,854 6 915 SEASONALLY ADJUSTED 1955 May 49,748 16,527 772 2,804 4,001 10,726 2,195 5,830 6,893 June . ... 50,073 16,649 779 2,815 4,066 10,784 2,209 5,849 6 922 Julv 50,193 16,648 776 2,834 4,082 10,841 2,219 5,871 6,922 Aug 50,315 16,677 771 2,833 4,105 10,873 2,232 5,878 6 946 Sept 50 448 16 683 780 2 852 4 117 10 902 2 248 5 883 6 983 Oct 50,594 16,810 778 2,833 4,110 10,921 2,252 5,886 7 004 Nov 50,745 16,941 779 2,822 4,128 10,953 2,249 5,913 6,960 Dec 50,948 16 975 779 2,827 4,136 11 020 2 254 5 942 7 015 !956—jan 51,080 16,944 111 2,876 4,145 11,083 2,261 5,952 7,042 Feb 51,127 16,879 780 2,924 4,131 11,105 2,273 5,967 7,068 Mar 51,057 16,804 783 2,966 4,127 11,027 2,276 5,979 7 095 Apr 51,281 16,906 797 2,997 4,127 11,115 2,279 5,978 7,082 May 51,256 16,834 802 3,045 4,143 11,076 2,295 5,977 7,084 WITHOUT SEASONAL ADJUSTMENT 1955—May 49,494 16,337 764 2,790 3,998 10 604 2 195 5,888 6 918 June 50,165 16,577 783 2,928 4,083 10,715 2,231 5,937 6,911 July 50,074 16,477 772 3,032 4,113 10,707 2,263 5,988 6,722 Aug 50,484 16,820 779 3,088 4,136 10 713 2 265 5 996 6 687 Sept 50,992 16,919 784 3,094 4,148 10,902 2,248 5,971 6,926 Oct 51,125 17,006 778 3,031 4,121 10,990 2,241 5,915 7,043 Nov. 51,262 17,052 783 2,921 4,139 11,213 2,238 5,883 7,033 Dec 51,996 17,027 783 2,756 4,161 11,849 2,243 5,853 7,324 1956—Jan 50 284 16 842 111 2,588 4 083 10 920 2 238 5 803 7 033 Feb 50,246 16,824 780 2,588 4,083 10,819 2,250 5,818 7,084 Mar 50,499 16,764 783 2,669 4,106 10,931 2,265 5,859 7,122 Apr 50,803 16,759 789 2,847 4,120 10,922 2,279 5,978 7,109 May 50,999 16,641 794 3,030 4,140 10,951 2,295 6,037 7,111 NOTE.—Data include all full- and part-time employees who worked for May 1956 are preliminary. The series for recent years were revised during, or received pay for, the pay period ending nearest the 15th of ths by the Bureau of Labor Statistics in June 1956 to first-quarter 1955 benchmonth. Proprietors, self-employed persons, domestic servants, unpaid mark levels indicated by data from government social insurance programs. family workers, and members of the armed forces are excluded. Figures Back data may be obtained from the Bureau of Labor Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EMPLOYMENT AND EARNINGS 643 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In thousands of persons] Seasonally adjusted Without seasonal adjustment Industry group 1955 1956 1955 1956 May Mar. Apr. May May Mar. Apr. May Total 13,056 13,158 13,254 13,170 12,873 13,125 13,113 12,985 7,540 7,594 7,674 7,605 7,520 7,621 7,671 7,586 95 84 84 84 95 84 84 84 Lumber and wood products 671 638 652 651 674 619 636 654 308 315 317 318 300 318 315 310 Stone clay and glass products 459 474 478 478 459 472 478 478 Primary metal products 1 088 1,124 1,139 1,127 1,083 1,130 1,139 1,121 896 884 895 880 892 893 895 876 Machinery except electrical 1,173 1,262 1,275 1,267 1,185 1,281 1,294 1,280 Electrical machinery 811 834 876 882 803 842 876 873 Transportation equipment 1,426 1,354 1,329 1,285 1,426 1,354 1,329 1,285 Instruments and related products 216 229 231 232 215 231 232 231 Misc. manufacturing industries 397 396 398 401 389 398 394 393 Nondurable goods 5,516 5,564 5,580 5,565 5,353 5,504 5,442 5,399 Food and kindred products 1,109 1,130 1,114 1,106 1,040 1,021 1,022 1,036 Tobacco manufactures 94 92 91 91 81 82 79 79 971 971 972 968 966 981 972 963 Apparel and other finished textiles . 1,085 1,078 1,092 1,100 1,031 1,116 1,070 1,045 Paper and allied products 449 459 465 465 445 457 460 460 Printing publishing and allied products 525 545 550 549 522 545 547 546 Chemical and allied products 552 558 564 562 549 566 570 559 Products of petroleum and coal 174 174 175 171 175 172 173 172 Rubber products 215 221 222 216 214 221 219 215 Leather and leather products 342 336 335 337 330 344 332 325 NOTE.—Data cover production and related workers only (full- and part- The series for recent years were revised by the Bureau of Labor Statistics time) who worked during, or received pay for, the pay period ending in June 1956 to first-quarter 1955 bench-mark levels indicated by data nearest the 15th of the month. Figures for May 1956 are preliminary. from government social insurance programs. Back data may be obtained from the Bureau of Labor Statistics. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES [Bureau of Labor Statistics. In unit indicated] Average weekly earnings Average hours worked Average hourly earnings (dollars per week) (per week) (dollars per hour) Industry group 1955 1956 1955 1956 1955 1956 May Mar. Apr. May May Mar. Apr. May May Mar. Apr. May Total 76.30 78.78 78.99 78.40 40.8 40.4 40.3 40.0 1.87 1.95 1.96 1.96 Durable goods 82.78 84.25 85.49 84.45 41.6 40.9 41.1 40.6 1.99 2.06 2.08 2.08 Ordnance and accessories 82.82 88.80 90.07 90.49 40.8 41.3 41.7 41.7 2.03 2.15 2.16 2.17 Lumber and wood products 68.47 §1.12 69.48 70.80 41.0 39.6 39.7 40.0 1.67 1.71 1.75 1.77 Furniture and fixtures 64.71 68.47 66.90 66.47 40.7 41.0 40.3 39.8 1.59 1.67 1.66 1.67 Stone, clay, and glass products 76.91 78.31 79.32 79.93 41.8 41.0 41.1 41.2 1.84 1.91 1.93 1.94 Primary metal industries 91.10 95.12 96.00 95.71 41.6 41.0 41.2 40.9 2.19 2.32 2.33 2.34 Fabricated metal products 81.73 83.23 83.84 83.03 41.7 41.0 41.1 40.7 1.96 2.03 2.04 2.04 Machinery except electrical 87.15 92.01 92.65 91.12 42.1 42.4 42.5 41.8 2.07 2.17 2.18 2.18 Electrical machinery 76.30 78.96 80.56 80.38 40.8 40.7 41.1 40.8 1.87 1.94 1.96 1.97 Transportation equipment 94.57 90.90 91.53 88.59 42.6 40.4 40.5 39.2 2.22 2.25 2.26 2.26 Instruments and related products 75.92 80.38 81.58 81.38 40.6 40.8 41.2 41.1 1.87 1.97 1.98 .98 Miscellaneous manufacturing industries... 66.83 69.89 70.47 70.12 40.5 40.4 40.5 40.3 1.65 1.73 1.74 .74 Nondurable goods 67.32 70.49 70.17 70.38 39.6 39.6 39.2 39.1 1.70 1.78 1.79 .80 Food and kindred products 71.51 75.11 74.37 75.14 41.1 40.6 40.2 40.4 1.74 1.85 1.85 .86 Tobacco manufactures 54.32 55.57 56.32 56.32 38.8 37.8 37.8 37.8 1.40 1.47 1.49 .49 Textile-mill products 54.51 57.06 56.20 56.02 39.5 39.9 39.3 38.9 1.38 1.43 1.43 .44 Apparel and other finished products 48.28 52.48 51.55 51.19 36.3 36.7 36.3 35.8 1.33 1.43 1.42 .43 Paper and allied products 77.65 81.27 80.70 80.75 42.9 43.0 42.7 42.5 1.81 1.89 1.89 .90 Printing, publishing and allied products... 90.95 93.60 93.12 93.75 38.7 39.0 38.8 38.9 2.35 2.40 2.40 2.41 Chemicals and allied products 81.36 84.46 85.49 86.11 41.3 41.2 41.3 41.2 1.97 2.05 2.07 2.09 Products of petroleum and coal 97.70 103.82 104.65 102.16 41.4 41.2 41.2 40.7 2.36 2.52 2.54 2.51 Rubber products 87.99 84.93 86.22 86.65 42.1 39.5 40.1 40.3 2.09 2.15 2.15 2.15 Leather and leather products 51.75 56.92 54.90 55.05 36.7 38.2 36.6 36.7 1.41 1.49 1.50 1.50 NOTE.—Data are for production and related workers. Figures for note to table above. Back data are available from the Bureau of Labor May 1956 are preliminary. Data for recent years revised as indicated in Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 DEPARTMENT STORES DEPARTMENT STORE SALES AND STOCKS, BY DISTRICTS [Federal Reserve indexes, based on retail value figures. 1947-49 average= 100] Federal Reserve district Year or month United States Boston Y N o e r w k a p P d h h e i i a l l - - C l l a e n v d e- R m i o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - SALES i 1948 104 102 103 104 105 103 103 104 104 104 103 105 104 1949 98 99 98 100 98 100 101 97 98 98 99 102 98 1950 105 103 101 106 105 105 109 104 104 105 108 113 105 1951... 109 105 105 109 110 113 115 108 107 104 111 117 109 1952 110 104 101 109 110 118 124 106 110 104 113 124 114 1953 112 105 102 111 113 121 126 111 112 104 112 125 115 1954 111 107 104 109 105 121 129 109 112 105 115 127 114 1955 119 112 107 117 115 130 142 118 121 108 124 138 122 SEASONALLY ADJUSTED 1955—Apr 119 108 '103 '116 116 '125 142 '118 122 107 126 '145 '121 May 117 111 103 115 113 128 137 117 120 107 120 134 118 June 114 107 104 114 108 123 136 114 108 103 118 132 118 July 124 114 108 121 124 136 152 122 132 111 136 145 123 Aug 118 107 106 114 114 134 143 115 120 107 124 139 122 Sept 121 112 108 120 116 134 140 118 119 112 127 131 126 Oct 122 114 109 120 120 132 148 120 122 109 125 138 126 Nov 122 116 110 121 118 134 142 121 124 110 124 136 125 Dec 123 114 110 122 119 132 147 121 125 110 124 147 123 1956—Jan 124 111 114 120 117 138 147 120 126 116 123 144 129 Feb '118 lit 105 118 116 129 143 112 122 108 117 139 124 Mar 122 102 107 116 116 137 143 '124 128 112 126 144 128 Apr 111 104 121 120 144 117 123 113 124 144 131 WITHOUT SEASONAL ADJUSTMENT 1955_Apr '115 108 '100 '110 112 125 141 '113 118 108 123 '139 '113 May 116 111 101 114 110 129 134 116 120 108 119 133 116 June 110 107 100 107 104 118 121 112 106 95 113 120 113 July 98 82 77 90 96 107 122 96 102 89 111 123 107 Aug 105 86 82 92 104 112 129 103 109 102 117 129 118 Sept 123 120 111 124 116 138 136 123 122 119 127 131 123 Oct 128 115 116 125 125 140 154 126 135 126 131 146 126 Nov 148 141 139 159 147 164 165 147 149 126 142 155 145 Dec 212 206 194 213 205 237 255 204 208 180 211 247 217 1956—Jan 95 87 90 90 91 95 113 91 95 83 93 114 100 Feb '92 84 85 91 90 96 114 87 95 84 92 111 97 Mar 111 91 98 111 106 125 146 '109 115 95 112 134 '110 Apr P113 106 97 109 109 136 110 114 110 117 132 118 STOCKS i 1948 107 105 105 107 107 105 108 108 107 110 108 110 107 1949 99 100 97 99 100 101 102 97 100 99 100 101 100 1950 109 109 105 108 106 113 120 108 106 104 111 112 110 1951 128 124 124 127 128 133 140 125 125 116 130 132 131 1952 118 111 113 113 111 130 136 112 114 107 121 126 126 1953 126 116 116 119 118 143 146 122 124 115 133 138 134 1954 122 117 114 116 114 139 141 120 116 115 126 132 125 1955 127 122 115 122 117 146 152 121 124 121 135 143 133 SEASONALLY ADJUSTED 1955—Apr 124 121 '114 116 113 144 149 '121 120 113 '133 '140 '129 May 123 120 111 119 113 139 148 122 121 117 132 137 126 June 127 124 115 124 116 143 151 124 126 123 136 143 130 July 127 121 116 125 118 145 148 121 126 119 134 143 131 Aug 129 122 117 122 118 145 154 123 126 123 136 145 138 Sept 129 124 116 126 118 150 156 121 123 122 135 146 137 Oct 129 123 117 126 119 152 156 120 129 125 141 147 134 Nov 131 123 119 128 119 154 159 123 130 128 142 149 137 Dec 134 126 121 131 124 157 156 127 133 132 143 159 141 1956—Jan 137 124 122 132 123 160 158 131 138 133 148 158 149 Feb 138 128 124 131 124 162 164 131 137 132 148 158 146 Mar 135 127 122 '130 122 159 162 128 132 130 148 156 142 Apr ^136 128 124 131 123 P157 165 131 136 127 WITHOUT SEASONAL ADJUSTMENT 1955—Apr '130 125 119 124 119 '154 155 123 126 118 '138 '147 '134 May 127 123 115 124 117 146 150 123 121 118 135 139 136 June , 121 115 108 116 110 139 142 116 116 116 131 133 131 July 119 109 105 112 109 142 139 114 116 115 129 136 130 Aug , 126 118 114 117 114 148 150 120 126 120 134 144 133 Sept , 135 127 123 132 123 155 163 127 133 128 140 155 142 Oct 145 139 132 144 133 168 170 137 145 136 152 162 153 Nov 148 144 136 147 135 167 180 142 147 142 157 165 151 Dec , 119 117 110 116 110 131 137 115 120 118 129 143 118 1956—Jan 122 113 108 115 110 143 146 118 120 122 133 140 131 Feb 131 120 116 126 119 150 162 124 130 127 143 153 136 Mar 139 129 125 '134 126 164 169 130 140 134 153 162 142 Apr , P142 133 130 140 129 172 134 143 132 P149 * Preliminary. «• Revised. NOTE.—For description and monthly indexes for back years, see i Figures for sales are the average per trading day, while those for stocks BULLETIN for December 1951, pp. 1463-1515. are as of the end of the month or averages of monthly data. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DEPARTMENT STORES; FOREIGN TRADE 645 DEPARTMENT STORE MERCHANDISING DATA [Based on retail value figures] Amounts (In millions of dollars) Ratios to sales'* Period m S (t o a f o o l n t e r t a s h l i ) S m t ( o o e o c n n f k t d h s ) i m ( o s e O t r n o a d d u n n e t t d r - h o s - ) f i m c ( e t o R f o i o n p e t r t a - t h s l ) 2 m o ( N r t o f d o o e n e t r w t a r h l s ) 3 Stocks o s O t r i a d n u n e g t d r - s - o S s o r t p t i a d o n u l n e u c g t d - r s k s - s ce R i e p - ts Annual average: 1948 .... 381 979 494 386 363 2.7 1.4 4.1 1949 361 925 373 358 358 2.7 1.1 3.8 .0 1950 376 1,012 495 391 401 2.8 1.4 4.2 1951 391 1,202 460 390 379 3.2 1.3 4.4 .0 1952.... 397 1,097 435 397 401 2.9 1.2 4.1 0 1953 406 1,163 421 408 401 3.0 1.1 4.1 1.0 1954 409 1,140 388 410 412 3.0 1.0 4.0 1.0 1955 435 1,189 445 441 446 2.9 1.1 4.0 1.0 Month: 1955_Apr r414 1,216 r311 r435 r376 2.9 r0 8 3.7 1.1 May 404 1,189 307 377 376 2.9 0.8 3.7 0.9 June 390 1,122 449 323 465 2.9 1.2 4.0 0.8 July 324 1,090 554 292 397 3 4 1.7 5.1 0 9 Aug 382 1,157 550 449 445 3.0 1.4 4.5 .2 Sent 426 1,244 576 513 539 2.9 1.4 4.3 .2 Oct 473 1,350 581 579 584 2.9 1.2 4.1 .2 Nov 546 1,415 487 611 517 2.6 0.9 3.5 .1 Dec 817 1,139 357 541 411 1.4 0.4 1.8 ( 1956—Jan 348 1,133 435 342 420 3.3 1.3 4.5 0 Feb 332 1,205 450 404 419 3.6 1.4 5.0 .2 Mar 429 1 271 401 495 446 3 0 0 9 3 9 2 385 1,312 335 426 360 3.4 0.9 4.3 1 p Preliminary. r Revised. 3 Derived from receipts and reported figures on outstanding orders. 1 These figures are not estimates for all department stores in the United 4 The first three ratios are of stocks and /or orders at the end of the month States. They are the actual dollar amounts reported by a group of de- to sales during the month. The final ratio is based on totals of sales and partment stores located in various cities throughout the country. In 1955, receipts for the month. sales by these stores accounted for about 50 per cent of estimated total NOTE.—For description and monthly figures for back years, see BULdepartment store sales. LETIN for October 1952, pp. 1098-1102. 2 Derived from the reported figures on sales and stocks. MERCHANDISE EXPORTS AND IMPORTS [Bureau of the Census. In millions of dollars] Merchandise exports! Mer m ch i a li n ta d r i y se -a i e d x p s o h r i t p s m e e x n cl t u s2 ding Merchandise imports3 Period 1954 1955 1956 1954 1955 1956 1954 1955 1956 Jan 1.093 1,168 1,280 923 J.083 rl,198 833 871 rl,072 Feb ,183 1,238 rl,358 999 1,143 1,269 809 850 1,049 Mar ,126 1,344 H,576 923 1.251 1,471 865 1,019 ^1,099 Apr ,426 1.264 *>l,506 1,259 1,170 ^1,394 957 871 e991 May ,402 1,325 1,137 1,194 829 958 June 475 1 319 1 115 [ 191 947 r937 July 290 1 269 1 023 I 141 822 885 Aus •• . ,156 1,235 956 1.107 825 960 Sept 115 1 255 962 I 156 780 945 Oct .. . 270 1 396 1,166 [ 277 767 rl,009 Nov 1 252 1 320 1 167 I 247 840 1,065 Dec 1,320 1,403 1,222 .319 943 rl,007 4,828 5,014 *5,720 4,104 4,647 ^5,332 3,464 3,611 '4,211 « Estimated. 2 Department of Defense shipments of grant-aid military equipment » Preliminary. and supplies under the Mutual Security Program. r Revised. 3 General imports including imports for immediate consumption plus 1 Exports of domestic and foreign merchandise. entries into bonded warehouses. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 PRICES CONSUMER PRICES [Bureau of Labor Statistics index for city wage-earner and clerical-worker families. 1947-49= 100] Housing Read- Other Year or month it A em ll s Foods Total Rent e G a l n e a c d s - S f a u o n e l d l i s d H n f o i u s u r h - s - e- H o h p o o e u l r d s a e - - p A a p re - l T p t o r i a o r n t n a s - - M c ic a e a r d e l - s P c o a e n r r a e - l re t a i c i n n o r g e d n a- g s a i o e c n o r e v d d s - s tricity fuel oil ings tion 1929 . .. 73.3 65.6 117.4 60.3 1933 55.3 41.6 83.6 45.9 1941 62 9 52 2 88.4 55 6 1945 76.9 68.9 90.9 76.3 1948 102.8 104.1 101.7 100.7 100.0 104.4 103.2 102.6 103.5 100.9 100.9 101.3 100.4 100.5 1949 101.8 100.0 103.3 105.0 102.5 106.8 99.6 100.1 99.4 108.5 104.1 101.1 104.1 103.4 1950 102.8 101.2 106.1 108.8 102.7 110.5 100.3 101.2 98.1 111.3 106.0 101.1 103.4 105.2 1951 111.0 112.6 112.4 113.1 103.1 116.4 111.2 109.0 106.9 118.4 111.1 110.5 106.5 109.7 1952 113.5 114.6 114.6 117.9 104.5 118.7 108.5 111.8 105.8 126.2 117.3 111.8 107.0 115.4 1953 114.4 112.8 117.7 124.1 106.6 123.9 107.9 115.3 104.8 129.7 121.3 112.8 108.0 118.2 1954 114.8 112.6 119.1 128.5 107.9 123.5 106.1 117.4 104.3 128.0 125.2 113.4 107.1 120.2 1955 114.5 110.9 120.0 130.3 110.7 125.2 104.1 119.1 103.7 126.4 128.0 115.3 106.6 120.2 1955 Apr 114.2 111.2 119.5 129.9 110.3 125.7 104.5 118.1 103.1 125.3 127.3 113.7 106.6 119.8 Mav 114.2 111.1 119.4 130.3 110 9 122.5 103.7 119.0 103.3 125.5 127.5 113.9 106.5 119.9 June 114.4 111.3 119.7 130.4 110.7 122.7 103.8 119.2 103.2 125.8 127.6 114.7 106.2 119.9 July.. 114.7 112.1 119.9 130.4 110.8 123.2 103.6 119.4 103.2 125.4 127.9 115.5 106.3 120.3 Aug 114.5 111.2 120.0 130.5 110.8 123.8 103.2 119.5 103.4 125.4 128.0 115.8 106.3 120.4 Sept 114.9 111.6 120.4 130.5 111 2 125.2 103.6 119.8 104.6 125.3 128.2 116 6 106.7 120.6 Oct 114.9 110.8 120.8 130.8 111.2 126.3 104.4 120.1 104.6 126.6 128.7 117.0 106,7 120.6 Nov 115.0 109.8 120.9 130.9 111.5 126.7 104.5 120.5 104.7 128.5 129.8 117.5 106.8 120.6 Dec 114.7 109.5 120.8 131.1 111.5 128.0 103.4 120.7 104.7 127.3 130.2 117.9 106.8 120.6 1956—Jan 114.6 109.2 120 6 131.4 111 7 129.5 102.0 121.2 104.1 126.8 130.7 118 5 107 3 120.8 Feb 114.6 108.8 120.7 131.5 111 .7 130.0 102.5 121.4 104.6 126.9 130.9 118.9 107.5 120.9 Mar 114.7 109.0 120.7 131.6 111.7 130.6 103.1 121.6 104.8 126.7 131.4 119.2 107.7 121.2 Apr 114.9 109.6 120.8 131.7 111.8 129.7 102.7 122.1 104.8 126.4 131.6 119.5 108.2 121.4 NOTE.—Revised indexes, reflecting, beginning January 1953, the in- vised weights. Prior to January 1953, indexes are based on the "interim elusion of new series (i.e. home purchases and used automobiles) and re- adjusted" and "old" indexes, converted to the base 1947-49= 100. WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Bureau of Labor Statistics index. 1947-49= 100] Other commodities Y m e o a n r t o h r m c t A o i o e m l d s l i - - p F u r a c o r t d m s - f P e o s r o s o e d c d s - l H s p e u a k a r i n c i o d t n h t d d e s s e s - , r , C p a i u a l h c r l n c o a e ie t d l d m s s d - - p R u a b r u n c o e b t d d r s - - L w p u a b r u o n c o e m o t d d r s d - - p p P a u a a l r u l n c o p i l e t d d p e s d r , - ,M m p u a r e n e c o t t t d a d a s l - l s p c M m u a t e h r i n c o r v i o a y t n d d e - s - - - h F d o h t b a o u u t u o n l h u r r e r l d e s n a d e s e r - i- - e s N t r t m t m a a u r o l l r i u s e l n a n i c — - c - l - - b b e m o b a T a r t e a n f c o t r v g l c d s - e e - o . d s n c M e e o l i l s u a - - s 1948 104.4 107.3 106.1 103.4 103.8 102.1 107.2 102.9 100.9 101.4 101.7 100.4 103.1 1949 99.2 92.8 95.7 101.3 94.8 98.9 99.2 98.5 106.6 103.1 104.4 101.6 96.1 1950 103.1 97.5 99.8 105.0 96.3 120.5 113.9 100.9 108.6 105.3 106.9 102.4 96.6 1951 114.8 113.4 111.4 115.9 110.0 148.0 123.9 119.6 119.0 114.1 113.6 108.1 104.9 1952 111.6 107.0 108.8 113.2 104.5 134.0 120.3 116.5 121.5 112.0 113.6 110.6 108.3 1953 110. 97.0 104.6 114.0 105.7 125.0 120.2 116.1 123.0 114.2 118.2 115.7 97.8 1954 110.3 95.6 105.3 114.5 107.0 126.9 118.0 116.3 124.6 115.4 120.9 120.6 102.5 1955 Apr 110.5 94.2 102.5 115.7 95.0 93.2 107.1 138.3 122.4 117.4 132.9 126.3 115.1 122.3 121.6 94.0 May 109.9 91.2 102.1 115.5 95.0 92.9 106.8 138.0 123.5 117.7 132.5 126.7 115.1 123.2 121.6 91.3 June 110.3 91.8 103.9 115.6 95.2 92.9 106.8 140.3 123.7 118.3 132.6 127.1 115.2 123.7 121.6 89.1 July 110.5 89.5 103.1 116.5 95.3 93.7 106.0 143.4 124.1 119.0 136.7 127.5 115.5 125.3 121.6 90.8 Aug 110.9 88.1 101.9 117.5 95.3 93.8 105.9 148.7 125.1 119.7 139.5 128.5 116.0 126.1 121 89.8 Sept 111.7 89.3 101.5 118.5 95.4 94.0 106.0 151.7 125.7 120.5 141.9 130.0 116.4 126.4 121 90.3 Oct 111.6 86.8 100.2 119.0 95.4 95.3 106.5 147.8 125.4 122.8 142.4 131.4 116.9 126.8 121 91.5 Nov 111.2 84. 98.8 119.4 95.6 96.4 106.6 150.6 125.0 123.2 142. 132.5 117.2 125.2 121 88.0 Dec 111.3 82.9 98.2 119.8 95.6 96.7 106.6 151.0 125.1 123.6 143.9 133.0 117.3 125.4 121.7 88.8 1956 Jan 111.9 84. 98.3 120.4 95.7 96.7 111.0 106.3 148.4 126.3 124.8 145.1 133.3 118.0 127.0 121.7 89.6 Feb 112.4 86.0 99.0 120.6 96.0 97.1 111.2 106.4 147.1 126.7 125.4 145.1 133.9 118.2 127.1 121.7 88.7 Mar 112.8 86.6 99.2 121.0 95.9 97.7 110.9 106.5 146.2 128.0 126.8 '146.5 134.7 118 r127.9 121.7 88.2 Apr. 113.7 88.0 100.5 121.7 95.4 100.5 111.5 106.9 145.0 128.5 127.3 147.6 135.6 118.0 128.7 121.7 92.1 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICES 647 WHOLESALE PRICES, BY GROUPS OF COMMODITIES—Continued [Bureau of Labor Statistics index, 1947-49= 100] 1955 1956 1955 1956 Subgroup Subgroup Apr. Feb. Mar. Apr. Apr. Feb. Mar. Apr. Farm Products: Pulp, Paper, and Allied Products— Continued: Fresh and dried produce 120.9 98.2 106.5 101.8 Grains 91 0 82.9 84.5 89.5 126.0 130.7 130.6 133.8 Livestock and poultry 84.0 67.7 67.5 70.8 Converted paper and paperboard.... 111.5 120.6 122.7 123.3 Plant and animal fibers 102.7 105.7 105.5 105.8 Building paper and board 129.7 133.3 133.3 138.1 90.3 94.0 '90.5 89.8 Eggs. 77.9 81.3 85.0 79.9 Metals and Metal Products: Hay and seeds 89.9 80.4 82.5 86.7 Other farm products 142.3 145.8 143.7 143.4 136.4 149.1 '149.4 151.0 Nonferrous metals 138.3 157.1 '162.0 163.1 Processed Foods: Metal containers 131.6 137.9 137.9 137.9 Hardware . . 144.4 151.6 152.8 153.8 Cereal and bakerv oroducts 116.8 115.4 115.4 115.6 Plumbing equipment 123.3 133.1 133.1 133.9 M^eats poultry and fish 86.0 76.1 74.6 79.3 113.6 117.1 117.1 117.2 Dairy products and ice cream 106.9 106.1 106.1 105.9 Fabricated structural metal products. 118.5 128.8 129.8 131.6 Canned, frozen fruits, and vegetables. 104.7 108.9 108.6 109.0 Fabricated nonstructural metal Sugar and confectionery 110.8 109.3 109.6 105.8 125.8 132.5 132.7 132.8 Packaged beverage materials 180.2 183.8 192.8 187.4 Other processed foods 100.9 97.7 97.4 97.8 Machinery and Motive Products: Textile Products and Apparel: Agricultural machinery and equipment 121.5 126.8 '126 1 126.2 Cotton products 90.4 94.3 94.1 93.7 Construction machinery and equip- ^'ool products 106 0 102.7 102.1 102 5 ment . 134.1 143 5 '143 5 144 6 Synthetic textiles 87 2 84.8 '84.5 82.2 Metal working machinery 137.1 151.2 '151.9 153.6 Silk products 122.8 119.5 119.5 121.0 General purpose machinery and Apparel 98.0 99.5 99.7 99.7 equipment 131.0 141.7 '142.6 143.7 Other textile products 76 3 71.6 72.0 71.1 126.8 133.7 134.0 134.2 Electrical machinery and equip- Hides, Skins, and Leather Products: 126.4 133.2 133.6 135.3 121.9 127.5 129.0 129.1 56.9 58.2 58.3 62.2 Leather 83 6 89.9 90.9 94.6 Furniture and Other Household Dura- Footwear 111.5 115.8 116.5 119.7 bles: 95.9 98.1 '98.3 98.5 Household furniture 112.8 117.3 117.5 117.5 Fuel, Power, and Lighting Materials: 128.6 138.3 138.3 138.5 125.0 130.5 130.5 130.5 Coal 102.3 109.9 110.1 111.8 Household appliances 107.3 105.7 '105.3 105.2 Coke 133 4 145 4 145 4 145.4 Radio 94.7 89.7 89.7 89.7 Gas 113 1 122.0 '122.7 122.7 68.8 69.9 69.9 69.5 Electricity 97.8 94.3 94.3 94.3 Other household durable goods 131.9 139.2 '139.2 139.1 Petroleum and products............ 111.5 117.5 116.8 117.5 Nonmetallic Minerals—Structural: Chemicals and Allied Products: Flat glass 124.9 131.1 131.1 131.1 Industrial chemicals 118.0 119.9 120.0 120.7 Concrete ingredients 124.8 129.9 130.0 130.0 Prepared paint 114 8 119 1 119 1 119 1 118.2 121.1 121.1 121.9 Paint materials 96.2 100.4 101.4 101.6 Structural clay products 136.8 145.6 145.9 146.0 Drugs, Pharmaceuticals, cosmetics... 93.2 92.0 91.9 91.9 Gypsum products 122.1 127.1 127.1 127.1 Fats and oils, inedible 55 2 54 4 55.0 58 3 98.5 99.6 '106.5 111.9 Mixed fertilizers 108.8 108.2 107.9 108.1 Other nonmetallic minerals 119.2 123.0 '122.3 123.4 Fertilizer materials 113.5 113.0 r112.8 112.4 Other chemicals and products 107.6 102.3 102.3 102.4 Tobacco Manufactures and Bottled Beverages: Rubber and Products: Cigarettes. . 124.0 124.0 124.0 124.0 Crude rubber 143.8 153.5 149.4 144 2 Cigars 103.7 104.2 104.2 104.2 Tires and tubes 142 3 151 8 151.8 151 8 Other tobacco products 121.4 122.5 122.5 122.5 Other rubber products . 130.3 137,Q 137.9 137.9 114.7 114.7 114.7 114.7 Nonalcoholic beverages 148.1 148.1 148.1 148.1 Lumber and Wood Products: Miscellaneous: 122.9 128.2 r129.9 130.6 Millwork 129.3 129.1 128.9 128.9 Toys, sporting goods, small arms.... 113.2 115.8 '115.7 115.7 Plywood 104.8 107.5 107.5 106.9 Manufactured animal feeds 80.1 68.2 67.2 74.4 Notions and accessories 92.3 92.5 '93.9 95.4 Pulp, Paper, and Allied Products: Jewelry, watches, photo equipment... 103.0 104.8 104.8 105.0 121.0 123.3 123.1 123.1 Woodpulp 113.8 116.8 116.8 118.0 Wastepaper 89.4 142.6 142.6 127.4 Paper 128.0 135.0 136.2 136.2 r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 NATIONAL PRODUCT AND INCOME RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, PERSONAL INCOME, AND SAVING [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 Gross national product 104.4 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 375.3 384.8 392.0 397.3 Less: Capital consumption allowances 8.6 7.2 9.0 20.5 23.5 25.5 27.8 30.0 32.3 31.2 31.9 32.7 33.5 Indirect business tax and related liabilities 7.0 7.1 11.3 23.7 25.6 28.1 30.2 30.3 31.9 31.1 31.7 32.2 32.6 B St u a s t i i n st e i s c s a l t r d a i n s s c f r e e r p a p n a c y y ments . . 6 3 . . 7 9 . . 5 4 . . 2 8 1 1. . 3 0 1.2 1 1. . 3 2 - 1 .8 .2 - 1 .4 .2 1. . 2 7 - 1 .2 .2 1.2 1.7 Plus: Subsidies less current surplus of gov- .7 -1.7 ernment enterprises .0 .1 .2 .2 i -.4 -.1 .5 .3 .4 .6 .7 Equals: National income 87.8 40.2 104.7 240.0 277.0 289.5 303.6 299.7 322.6 311.4 320.7 325.7 332.2 Less: Corporate profits and inventory valuation adjustment 10. -2.0 14.5 35.1 39.9 36.9 37.2 33.8 41.8 39.6 42.2 41.9 43.6 Contributions for social insurance .2 .3 2.8 6.9 8.2 8.6 8.7 9.6 11.0 10.5 10.8 11.2 11.4 12.0 Excess of wage accruals over disbursements .0 .0 .0 .0 .1 .0 .0 .0 .1 .4 -.6 .0 Plus: Government transfer payments .9 1.5 2.6 14.3 11.6 12.0 15.0 16.0 15.9 16.2 15.7 15.9 16.7 Net interest paid by government 1.0 1.2 1.3 4.7 4.8 4.9 5.0 5.2 5.0 5.1 5.0 5.0 5.0 5.1 Dividends . 5.8 2.1 4.5 9.2 9.1 9.0 9.3 10.0 11.2 10.2 10.7 11.0 12.2 11.7 Business transfer payments .".... .5 .8 1.0 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 .7 Equals: Personal income 85.8 96.3 227.1 255.3 271.1 286.2 287.6 303.3 293.6 300.5 306.1 311.5 313.6 47.2 Less: Personal tax and related payments 2.6 3.3 20.9 29.3 34.4 35.8 32.8 33.9 32.6 33.4 34.4 35.4 36.6 Federal 1.3 7.5 2.0 18.2 26.3 31.2 32.4 29. 30.0 28.8 29.5 30.4 31.3 32.4 State and local 1.4 .5 1.3 2.7 3.2 3.4 3.7 4.0 4.2 3.0 3.9 3.8 3.9 4.1 Equals: Disposable personal income 83.1 1.0 93.0 206.1 236.7 250.4 254.8 271.7 277.0 226.1 269.4 261.0 267.1 276. C Less: Personal consumption expenditures 79.0 45.7 81.9 194.0 218.3 230.6 236.5 255.7 258.8 208.3 252.3 245.8 250.5 257.2 Equals: Personal saving 4.2 46.4 11.1 12.1 18.4 19.8 18.3 16.0 18.2 17.7 17.1 15.3 16.6 18.8 -.6 NATIONAL INCOME, BY DISTRIBUTIVE SHARES [Department of Commerce estimates. In billions of dollars] Seasonally adjusted annual rates Annual totals by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 National income 87.8 40.2 104.7 240.0 277.0 289.5 303.6 299.7 322.6 311.4 320.7 325.7 332.2 Compensation of employees 51.1 29.5 64.8 154.3 180.4 195.3 209.2 207.9 221.3 213.1 219.5 224.3 228.0 230.1 Wages and salaries * 50.4 29.0 62.1 146.5 170.9 755.7 198.5 196.2 208.5 200.8 207.0 211.3 214.7 216.6 Private 45.5 23.9 51.9 124.3 142.1 152.2 164.7 162.4 173.2 166.5 171.7 175.6 178.8 180.3 Military .3 .3 1.9 5.0 8.7 10.5 10.3 9.5 9.1 9.1 9.3 9.1 9.0 8.9 Government civilian 4.6 4.9 8.3 17.2 20.1 22.5 23.5 24.4 26.2 25.3 25.9 26.6 26.9 27.4 Supplements to wages and salaries .7 .5 2.7 7.8 9.5 10.2 10.8 11.7 12.8 12.2 12.5 13.0 13.2 13.5 Proprietors' and rental income2 20.2 7.6 20.9 44.6 49.9 49.9 48.4 48.4 48.9 48.8 48.7 48.8 49.5 49.3 Business and professional 8.8 3.2 10.9 22.9 24.8 25.7 25.9 25.9 27.3 26.6 27.1 27.6 28 0 28.1 Farm 6.0 2.4 6.5 13.3 16.0 14.3 12.3 12.0 11.0 11.5 11.0 10.6 10.8 10.3 Rental income of persons 5.4 2.0 3.5 8.5 9. 9.9 10.3 10.5 10.7 10.7 10.7 10.7 10.7 10.8 Corporate profits and inventory valuation adjustment 10.1 -2.0 14.5 35.1 39.9 36.9 37.2 33.8 41.8 39.6 42.2 41.9 43.6 Corporate profits before tax 9.6 .2 17.0 40.0 41.2 35.9 38.3 34.0 43. 40.9 43.0 44.5 46.8 Corporate profits tax liability 1.4 .5 7.6 17.8 22.5 19.8 21.3 17.1 22.0 20.5 21.6 22.3 23.5 Corporate profits after tax 8.3 -.4 9.4 22.1 18.7 16.1 17.0 17.0 21.8 20.4 21.4 22.2 23.3 Inventory valuation adjustment .5 -2.1 -2.5 -4.9 -1.3 1.0 -1.1 -2.0 -1.3 -2.6 -3.1* -2.7 Net interest 6.4 5.0 4.5 5.9 6.8 7.4 8.8 9.5 10.5 9.9 10.3 10.7 112 11.6 1 Includes employee contributions to social insurance funds. 2 Includes noncorporate inventory valuation adjustment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NATIONAL PRODUCT AND INCOME 649 GROSS NATIONAL PRODUCT OR EXPENDITURE [Department of Commerce estimates. In billions of dollars] Annual totals Seasonally adjusted annual rates by quarters Item 1955 1956 1929 1933 1941 1950 1951 1952 1953 1954 1955 1 2 3 4 1 104.4 56.0 125.8 285.1 328.2 345.2 364.5 360.5 387.2 375.3 384.8 392.0 397.3 398.6 79.0 46.4 81.9 194.0 208.3 218.3 230.6 236.5 252.3 245.8 250.5 255.7 257.2 258.8 Durable goods .. . 9.2 3.5 9.7 28.6 27.1 26.6 29.8 29.3 35.3 34.4 35.1 36.9 34.8 33,9 Nondurable goods 37.7 22.3 43.2 100.4 111.1 116.0 118.9 120.9 125.9 122.4 125.3 127 0 128 8 129 9 32.1 20.7 29.0 65.0 70.1 75.7 81.8 86.4 91.2 89.0 90.2 91.8 93.6 95.1 16.2 1.4 18.1 51.2 56.9 49.6 51.4 47.2 59.3 54.1 60.1 60.5 63.2 62.4 New construction 1 . 8.7 1.4 6.6 22.7 23.3 23.7 25.8 27.8 32.4 31.2 32.6 33.2 32.3 31.6 Residential, nonfarm 3.6 .5 3.5 12.6 11.0 11.1 11.9 13.5 16.6 16.1 16.9 17.2 16 2 15 3 Other 5.1 1.0 3.1 10.1 12.4 12.6 13.8 14.3 15.8 15.1 15.7 16.0 16.2 16.3 Producers' durable equipment 5.9 1.6 6.9 21.1 23.2 23.1 24.4 22.3 23.8 21.5 23.2 24.9 25.5 26.8 1.7 -1.6 4.5 7.4 10.4 2.8 1.2 -2.9 3.2 1.5 4.3 2.4 5 3 4 0 1.8 -1.4 4.0 6.4 9.0 2.1 1.9 -3.2 3.0 1.5 4.2 2.0 5.1 4.0 .8 .2 1.1 -2.2 .2 -.2 -2.0 -.3 -.4 -.4 -.7 .0 -.3 .0 Government purchases of goods and services .. 8.5 8.0 24.8 42.0 62.8 77.5 84.5 77.0 75.9 75.8 74.9 75.8 77.2 77.4 1.3 2.0 16.9 22.1 41.0 54.3 59.5 49.2 45.8 46.4 45.2 45 5 46 3 45 7 f 13.8 18.5 37.3 48.8 51.4 43.2 40.8 41.2 40.4 40.6 41.0 40.8 L O e th ss e r * Government sales2 ... l o 2. . 0 0 \ 3.2 o 3.9 3 4.2 4 5.8 4 8.5 4 6.3 4 5.4 3 5.5 3 5.2 3 5.2 3 5.5 3 5.2 3 State and local 7.2 6.0 7.8 19.9 21.8 23.2 25.0 27.8 30.1 29.4 29.7 30.2 31.0 31.7 1 Includes expenditures for crude petroleum and natural gas drilling. 2 Consists of sales abroad and domestic sales of surplus consumption goods and materials. PERSONAL INCOME (Department of Commerce estimates. In billions of dollars] Year or month1 in s P c o e o n r m a - l e Total W p d a m i C g r n u o o e g s o d d t m r a i u i i n t n e c - y - d s - sa D i l u n a i tr s r t d i i t y e u v r i s s e b d - - isbu S i r n e t s r r d e i v e u m i s s c e - e nts m G er o e n n v - t - in O l c a t o b h m o e r r e2 i p n r r P c e a i o n r e n o t m t d o a - l e rs 3 ' i i n n d s D p a c t o e e e i n o n n v r r m d d a e i - - s l s e t m T p r e f a a e n y n r t - s s - 4 p b e c s i a u r o n L o n s f t n s o e c o i c u o t s i r n e r a r s n i 5 a - l - s l i a n g N t c u r o o i r c m a n u l - e l- * 1929 85.8 50.4 21.5 15.6 8.4 4.9 .6 20.2 13 2 1 5 1 77 7 1933 47.2 29.0 9.8 8.8 5.2 5.1 .4 7.6 8.3 2.1 .2 43.6 1941. 96.3 62.1 27.5 16.3 8.1 10.2 .7 20.9 10.3 3.1 .8 88.0 1950 227.1 146.5 63.5 41.3 19.5 22.2 3.8 44.6 19.8 15.1 2.9 210.5 1951 255.3 170.8 74.9 45.8 21.3 28.8 4.8 49.9 20 7 12.6 3.4 235 7 1952 271.1 185.2 80.6 48.7 23.0 32.9 5.3 49.9 21.3 13.2 3.8 253.1 1953 286.2 198.6 88.2 51.8 24.8 33.8 6.0 48.4 23.1 14.0 3.9 270.2 1954 . . . .. 287.6 196.2 84.2 52.3 25.9 33.8 6.6 48.4 24 7 16 2 4.5 271 9 1955 303.2 208.5 90.5 55.1 27.6 35.3 7.0 48.9 26.8 17.2 5.2 288.4 1955—Apr 298.9 204.6 88.9 53.6 27.2 34.9 6.9 49.0 25.9 17.6 5.1 283.7 May 301.4 207.3 90.6 54.5 27.4 34.8 6.9 48.8 26.1 17.5 5.2 286.6 June .. 301.6 208.0 90.9 54.9 27.4 34.8 6.9 48 5 26 3 17 1 5 2 287 2 July 305.3 212.4 91.7 55.7 27.8 37.2 7.0 47.9 26.4 16.9 5.3 291.7 Aug 305.3 211.2 91.5 56.1 27.9 35.7 7.0 48.8 26 7 16.9 5.3 290 8 Sept 307.9 212.4 92.2 56.4 28.0 35.8 7.1 49.7 27.1 16.9 5.3 293.0 Oct 308.7 213.3 92.8 56.4 28.2 35.9 7.1 49.3 27.4 16.9 5.3 294.4 311.5 215.3 94.0 56.8 28.5 36.0 7.1 49.7 27.6 17.1 5.3 296.6 Dec 314.3 215.8 94.1 56.9 28.7 36.1 7.2 49.4 29.9 17.4 5.4 299.9 1956—Jan 312.7 216.2 94.1 57.3 28.6 36.2 7.2 49.2 28.1 17.7 5.7 298.6 Feb . . . 313.3 216.3 94.0 57.3 28.7 36.3 7.2 49.3 28.4 17.8 5.7 299.0 Mar 315 2 217.5 94.4 57.7 28.9 36.5 7.3 49.4 28 7 18 0 5 7 301 1 Apr.23 317.1 218.7 95.3 58.1 28.9 36.4 7.3 49.6 29.0 18.2 5.7 302.5 p Preliminary. well as consumer bad debts and other business transfers. 1 Monthly data are seasonally adjusted totals at annual rates. 5 Prior to 1952 includes employee contributions only; beginning January 2 Represents compensation for injuries, employer contributions to 1952, includes also contributions to the old-age and survivors' insurance private pension and welfare funds, and other payments. program of the self-employed to whom coverage was extended under the 3 Represents business and professional income, farm income, and Social Security Act Amendments of 1950. Personal contributions are rental income of unincorporated enterprise; also a noncorporate inventory not included in personal income. valuation adjustment. 6 Represents personal income exclusive of net income of unincorporated 4 Represents government social insurance benefits, direct relief, mus- farm enterprise, farm wages, agricultural net interest, and net dividends tering-out pay, veterans' readjustment allowances and other payments, as paid by agricultural corporations. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK, 1955 [Averages of individual ratios, expressed as percentages] Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All groups Item Size group—total deposits (in thousandsof dollars) 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 - 2 5 5 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 2 u a , n 0 n d 0 d e 0 r 2 5 , , 0 0 0 0 0 0 -5 25 ,0 ,0 0 0 0 0 - 2 O 5, v 0 e 0 r 0 Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.8 12.3 14.8 17.8 18.4 11.7 14.1 16.2 18.2 11.0 12.9 14.1 17.2 Profits before income taxes 12.2 10.6 12.7 14.1 14.7 9.8 12.1 12.9 13.8 10.1 11.0 11.4 12.6 Net profits 7.8 7.5 8.4 8.3 8.1 6.9 8.2 7.7 8.1 7.5 7.6 7.1 7.6 Cash dividends declared 3 0 3 1 3.4 3.3 3 7 2 5 2.8 3 0 3.4 2 3 2.7 2.8 3.2 Percentage of total assets: Total earnings 3.33 3 35 3.15 3.22 3.03 3.52 3.39 3.35 3.36 3.52 3.43 3.38 3.40 Net current earnings before income taxes 1.15 1.20 1.18 1.23 1.20 1.13 1.16 1.13 1.15 1.08 1.10 1.06 1.01 Net profits .62 .73 .68 .57 .53 .67 .67 .55 .52 .74 .65 .54 .44 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U S Govt. securities 24.4 22.4 25.7 24.2 22.0 23.2 24.9 25.3 24.0 24.5 24.9 24.9 26.2 Other securities 5.7 4.3 6.0 6.0 5.1 4.8 5.5 6.1 5.5 5.1 5.8 7.2 6.2 Earnings on loans 58.3 62.8 56.9 55.8 56.7 61.9 59.3 55.7 54.9 62.4 61.4 58.0 54.2 Service charses on deoosit accounts 6 0 5 9 6 7 7.7 5 4 4 9 5.5 7.0 6 6 3 5 3.9 5.1 7.1 Other current earnings 5.6 4.6 4.7 6.3 10.8 5.2 4.8 5.9 9.0 4.5 4.0 4.8 6.3 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages.. . .. 31.2 36.9 34.9 32.8 30.6 32.0 29.7 30.2 30.1 27.8 26.1 26.6 28.5 Interest on time deposits 11.7 3.7 4.3 5.2 5.5 14.1 14.4 13.5 13.0 21.5 21.9 20.9 21.2 Other current expenses 22.3 23.5 23.0 23.8 24.1 21.8 21.8 22.5 22.7 20.2 20.0 21.0 21.2 Total expenses 65.2 64.1 62.2 61.8 60.2 67.9 65.9 66.2 65.8 69.5 68.0 68.5 70.9 Net current earnings before income taxes... 34.8 35.9 37.8 38.2 39.8 32.1 34.1 33.8 34.2 30.5 32.0 31.5 29.1 Net losses1 3.7 3.8 3.4 4.9 4.9 3.5 3.1 3.8 4.9 1.7 2.5 3.8 4.7 Net increase in valuation reserves 2.0 .9 1.6 2.6 2.9 1.3 1.6 2.7 3.0 .6 1.8 2.0 3.1 Taxes on net income 10.2 9.1 10.9 12.6 14.2 8.2 9.4 10.8 10.8 7.4 8.7 9.5 8.4 Net profits 18.9 22.1 21.9 18.1 17.8 19.1 20.0 16.5 15.5 20.8 19.0 16.2 12.9 Rates of return on securities and loans Return on securities: Interest on U S Govt securities 2.17 2.14 2.15 2.13 2.05 2.23 2.20 2.15 2.09 2.29 2.25 2.19 2.13 Interest and dividends on other securities 2.44 3.02 2 50 2 19 2 25 2 86 2.42 2 22 2 13 2 91 2.42 2.24 2.19 Net losses ^ .14 .01 .09 .19 .27 .03 .18 .31 .04 .10 .20 .25 Return on loans: Earnings on loans.... 5.84 6.50 6.08 5.97 4.92 6.11 5.92 5.67 5.25 5.84 5.67 5.52 5.25 Net losses1 .12 .25 .14 .14 .05 .26 .07 .05 .10 .08 .07 .06 Distribution of assets Percentage of total assets: U. S. Govt. securities 35.4 32.7 35.4 34.5 31.0 34.9 36.2 37.1 36.6 36.0 36.4 36.5 37.7 Other securities 8.3 5.8 8 4 9.1 7.2 6.6 8.1 9.4 8 7 7.0 8.5 10.7 9.9 Loans 34.0 33.2 30.3 30.8 35.4 36.3 34.6 33.5 35.5 38.2 37.8 36.1 35.9 Cash assets 21.3 27.7 25 1 24.5 25 1 21.4 20.1 18 9 17 9 17.9 16.4 15 5 15.2 Real estate assets .9 .6 7 1 0 1 0 8 9 1 0 1 l 8 8 9 1 0 Other ratios Total capital accounts to: Total assets . . 8.3 10.0 8 2 7 2 6 7 10 2 8 5 7 3 6 5 10 2 8 9 7 9 5.9 Total assets less Govt. securities and cash assets. 20.3 27.1 22.6 18.6 15.7 24.5 20.8 17.5 15.0 23.4 19.9 17.2 13.0 Total deposits . . 9.1 11.3 9.0 7.9 7.3 11.4 9.4 8.0 7.1 11.5 9.9 8.7 6.4 Time to total deposits 31.7 9.0 10.8 14.6 14.8 37.4 38.1 37.5 36.2 59.1 59.1 57.7 55.8 Interest on time deposits2. . ... 1.32 1.39 1 28 1 19 1 17 1 47 1 39 1 34 1 29 1 42 1 39 1 19 1 36 Trust department earnings to total earnings2 3.1 1.3 1.7 3.1 5.3 1.2 1.6 2.6 4.4 1.2 1.4 2.0 2.5 Number of banks ^ 6,488 647 853 691 332 420 870 1,096 315 256 513 447 48 For footnotes see second succeeding page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK OPERATING RATIOS 651 OPERATING RATIOS OF MEMBER BANKS, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS, 1955 [Averages of individual ratios, expressed as percentages] Size group—total deposits Ratio of time deposits to (in thousands of dollcirs) total deposits (per cent) All Item groups u 1 a n ,0 n d 0 d e 0 r 1 2 , , 0 0 0 0 0 0 - 2 5 , , 0 0 0 0 0 0 - 5 1 , 0 0 ,0 0 0 0 0 - 1 2 0 5 , , 0 0 0 0 0 0 -2 5 5 0 , , 0 0 0 0 0 0 -5 1 0 00 ,0 ,0 0 0 0 0 - 10 O 0 v ,0 e 0 r 0 U 2 nd 5 er 25-50 o a 5 v n e 0 d r Summary ratios Percentage of total capital accounts: Net current earnings before income taxes. 14.8 10.2 12.4 14.1 15.9 16.8 18.0 18.6 18.2 15.5 15.1 13.1 Profits before income taxes 12.2 8.8 10.7 12.1 12.9 13.1 14.2 14.3 14.1 12.8 12.3 11.1 Net profits ... 7.8 6.3 7.6 8.1 8.0 7.6 8.0 8.1 8.1 8.1 7.8 7.4 Cash dividends declared 3.0 2.6 2.8 3.0 3.0 3.0 3.3 3.4 4.0 3.3 2.9 2.7 Percentage of total assets: Total earnings 3.33 3.56 3.40 3.31 3.31 3.33 3.27 3.22 3.10 3.20 3.39 3.43 Net current earnings before income taxes. 1.15 1.14 1.16 1.16 1.15 1.14 1.14 1.16 1.19 1.20 1.14 1.08 Net profits .62 .72 .67 .51 .50 .64 .60 .62 .71 .58 .52 .54 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U. S. Govt. securities 24.4 20.1 23.9 25.2 25.0 24.7 24.2 23.0 22.0 24.0 24.7 24.9 Other securities 5.7 4.1 4.8 5.8 6.5 6.0 5.5 5.4 5.1 5.4 5.6 6.2 Earnings on loans. . 58.3 65.9 61.4 58.9 56.9 55.1 54.9 56.3 56.5 58.1 57.7 60.1 Service charges on deposit accounts 6.0 5.0 5.1 5.6 6.6 7.2 7.1 6.0 4.5 6.6 6.1 4.3 7 0 8 3 9 3 119 5 9 5 9 4 5 Total earnings 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages . 31.2 36.1 32.9 30.9 30.1 30.5 30.6 30.1 29.7 34.3 30.3 26.7 Interest on time deposits . . 11.7 8.7 11.0 12.3 12.6 12.2 10.9 9.8 8.7 4.5 13.8 21.5 Other current expenses 22.3 23.3 21.9 21.7 22.3 23.0 23.5 23.7 22.6 23.5 22.2 20.4 Total expenses 65.2 68.1 65.8 64.9 65.0 65.7 65.0 63.6 61.0 62.3 66.3 68.6 Net current earnings before income taxes 34.8 31.9 34.2 35.1 35.0 34.3 35.0 36.4 39.0 37.7 33.7 31.4 Net losses * 3.7 3.2 3.4 3.1 4.0 4.5 4.5 5.1 5.3 4.1 3.7 2.9 Net increase in valuation reserves 2.0 .7 1.1 1.7 2.4 2.7 2.8 3.3 3.0 1.9 2.1 1.7 Taxes on net income 10.2 7.9 8.6 9.8 10.9 11.4 11.9 12.1 12.9 11.4 10.0 8.7 Net profits 18.9 20.1 21.1 20.5 17.7 15.7 15.8 15.9 17.8 20.3 17.9 18.1 Rates of return on securities and loans Return on securities: Interest on U. S. Govt. securities 2.17 2.16 2.21 2.19 2.17 2.14 2.09 2.08 2.05 2.13 2.17 2.23 Interest and dividends on other securities. 2.44 3.19 2.88 2.45 2.26 2.15 2.10 2.15 2.37 2.52 2.37 2.45 Net losses (or recoveries and profits, -f) 1.. .14 + .02 .04 .10 .17 .26 .34 .12 .15 .13 .22 .27 Return on loans: Earnings on loans 5.84 6.58 6.16 5.92 5.82 5.60 5.32 5.16 4.70 6.01 5.77 5.63 Net losses1 .12 .22 .23 .12 .10 .08 .06 .07 .02 .16 .11 .08 Distribution of assets Percentage of total assets: U. S. Govt. securities 35.4 30.7 35.0 35.9 36.1 36.4 35.7 33.9 31.3 33.9 36.4 36.4 Other securities 8.3 5.6 6.5 8.3 9.7 9.4 8.6 8.2 7.0 7.8 8.5 9.0 Loans 34.0 36.6 34.7 33.7 33.0 33.4 34.2 35.3 37.5 31.8 34.5 37.2 Cash assets 21.3 26.4 23.0 21.2 20.2 19.6 20.1 21.2 22.8 25.6 19.5 16.3 Real estate assets .9 .6 .7 .8 .9 1.1 1.0 .9 .8 .9 .9 Other ratios Total capital accounts to: Total assets 8.3 11.4 9.7 8.5 7.6 7.1 6.5 6.4 6.7 8.2 8.0 8.7 Total assets less Govt. securities and cash assets.... 20 3 28 6 24 7 21 3 18.3 17 1 15.5 14.8 15.0 21.7 19.3 19.4 Total deposits 9.1 13.1 10.9 9.4 8.3 7.8 7.1 7.0 7.4 9.1 8.9 9.7 31.7 22.8 29.2 32.5 34.0 35.1 30.7 27.0 22.5 11.9 37.5 58.5 Interest on time deposits 2 1.32 1.47 1.41 1.36 1.30 1.21 1.22 1.22 1.28 1.27 1.37 1.32 Trust department earnings to total earnings2. 3.1 1.8 1.2 1.6 2.0 3.1 3.5 4.8 6.2 3.8 2.9 1.9 6,488 299 1,024 2,236 1,321 913 319 167 209 2,523 2,701 1,264 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 MEMBER BANK OPERATING RATIOS OPERATING RATIOS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICT, 1955 [Averages of individual ratios, expressed as percentages] Federal Reserve district All Item tr d i i c s t - s B to o n s- Y N o e r w k P p d h h e i i l l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Summary ratios Percentage of total capital accounts: Net current earnings before income taxes 14.8 12.5 12.8 11.8 13.9 14.5 16.2 15.9 14.9 17.3 15.6 15.3 18.0 Profits before income taxes 12.2 10.0 10.1 10.0 11.8 12.4 13.2 12.7 12.6 15.0 13.1 12.2 14.8 Net profits 7.8 6.2 6.5 6.7 7.6 7.8 8.5 8.0 8.1 9.2 8.4 8.3 9.1 Cash dividends declared 3.0 2.9 2.7 2.6 2.8 3.0 3.0 2.8 2.9 3.8 3.4 3.5 3.0 Percentage of total assets : Total earnings 3.33 3.60 3.47 3.35 3.23 3.40 3.43 3.09 3.10 3.54 3.32 3.30 3.71 Net current earnings before income taxes 1 15 1 15 1 05 1 17 1 16 1 20 1A8 1.09 1.17 1.20 1.22 1.16 1.16 Net profits .62 .59 .53 .67 .65 .66 .63 .56 .65 .66 .67 .64 .59 Sources and disposition of earnings Percentage of total earnings: Interest and dividends on: U S Govt securities 24 4 19 3 22 7 24 9 25 9 22.3 21.8 30.3 27.4 24.7 23.7 19.8 21.1 Other securities 5.7 4.6 6.7 6.9 5.9 4.8 5.9 5.5 6.1 5.3 5.3 5.7 4.0 Earnings on loans 58.3 58.8 58.5 59.9 58.6 62.9 59.7 52.7 57.4 54.7 58.6 63.6 60.3 Service charees on deoosit accounts 6 0 9 8 7 1 3 5 4 6 4.7 6.6 6.1 3.9 6.4 7.2 6.0 8.0 Other current earnings 5.6 7.5 5.0 4.8 5.0 5.3 6.0 5.4 5.2 8.9 5.2 4.9 6.6 Total earnings 100 0 100 0 100 0 100 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages 31.2 32.1 30.7 26.7 27.3 28.4 31.6 31.5 30.9 31.1 34.7 35.7 32.1 Interest On time deposits 11 7 10 8 16 8 16 5 14.0 14.7 10.6 11.8 8.8 13.8 7.0 3.8 16.4 Other current expenses 22.3 25.2 22.3 21.9 22.9 21.4 23.6 21.3 22.6 21.1 21.3 25.1 20.0 Total expenses 65.2 68.1 69.8 65.1 64.2 64.5 65.8 64.6 62.3 66.0 63.0 64.6 68.5 Net current earnings before income taxes . 34.8 31.9 30.2 34.9 35.8 35.5 34.2 35.4 37.7 34.0 37.0 35.4 31.5 Net losses 1 3 7 4 1 3 8 3 3 3 0 3 3 3 5 4 2 4 1 2.2 4 2 4 6 2.9 Net increase in valuation reserves . . .. 2.0 2.1 2.3 1.7 2.2 1.5 2.3 2.4 1.4 2.1 1.4 1.9 2.0 Taxes on net income 10.2 9.5 8.5 9.9 10.4 11.2 9.9 10.5 11.2 11.1 11.0 9.1 10.2 Net profits 18.9 16.2 15.6 20.0 20.2 19.5 18.5 18.3 21.0 18.6 20.4 19.8 16.4 Rates of return on securities and loans Return on securities: Interest on U. S. Govt. securities 2.17 2.12 2.19 2.24 2.18 2.19 2.12 2.17 2.15 2.23 2.13 2.13 2.08 Interest and dividends on other securities 2.44 2.35 2.24 2.61 2.48 2.39 2.52 2.32 2.64 2.26 2.38 2.67 2.58 Net losses1 .14 .22 .17 .14 .13 .18 .17 .16 .14 .05 .09 .06 .19 Return on loans: Earnings on loans 5.84 5.58 5.47 5.58 5.50 6.04 6.35 5.40 5.81 5.76 6.34 6.50 6.10 Net losses1 .12 .07 .12 .08 .08 .09 .10 .08 .05 .10 .20 .31 .15 Distribution of assets Percentage of total assets: U. S Govt securities 35.4 31 2 34.1 35.8 37.2 33.2 33.0 41.0 37.4 37.5 34.8 28.8 34.7 Other securities 8.3 7.8 10.2 9.4 8.3 7.2 8.6 8.1 8.0 8.4 8.0 7.8 6.4 Loans 34.0 38.7 37.8 36.4 34.9 36.0 32.8 30.7 31.3 34.2 31.5 33.3 37.1 Cash assets . 21 3 20.7 16.6 17.3 18.6 22.3 24.3 19.5 22.5 19.0 25.1 29.1 20.7 Real estate assets .9 1.3 1.0 1.0 .9 1.1 1.1 .6 .7 .7 .5 1.0 1.0 Other ratios Total capital accounts to: Total assets 8.3 9.7 8.6 10.3 8.7 8.6 7.7 7.1 8.2 7.4 8.2 8.0 6.9 Total assets less Govt. securities and cash assets. 20.3 21.2 18.5 23.0 20.9 20.3 18.9 19.6 22.1 18.2 21.8 20.1 16.5 Total deposits 9.1 10.9 9.6 11.6 9.6 9.6 8.5 7.8 9.0 8.0 9.0 8.8 7.5 Time to total deposits 31 7 29.6 44.4 49.1 42.3 35.9 25.5 35.1 23.1 38.0 15.4 8.9 36.3 Interest on time deposits2 1.32 1.25 1.40 1.24 1.13 1.47 1.42 1.10 1.24 1.38 1.51 1.44 1.74 Trust department earnings to total earnings2. . . . 3.1 4.5 3.2 3.2 3.9 3.2 2.6 2.6 2.6 2.5 2.4 1.9 4.0 Number of banks3 6,488 303 623 554 615 472 369 1,015 489 471 747 629 201 1 Net losses is the excess of (a) actual losses charged against net profits influence on the aggregate dollar amounts. Averages of individual ratios plus losses charged against valuation reserves over (b) actual recoveries are useful primarily to those interested in studying the financial results and profits credited to net profits plus recoveries credited to valuation of operations of individual banks, while ratios based on aggregates show reserves; net recoveries and profits is the reverse. Transfers to and combined results for the banking system as a whole and, broadly speaking, from reserves are excluded. are the more significant for purposes of general analyses of credit and 2 Banks with no time deposits, or no trust department earnings, as the monetary problems. case may be, were excluded in computing this average. Figures of earnings, expenses, etc., used in the calculations were taken 3 The ratios for 54 member banks in operation at the end of 1955 were from the annual earnings and dividends reports for 1955. Balance excluded from the compilations because of unavailability of data covering sheet figures used in the compilations were obtained by averaging the the complete year's operations, certain accounting adjustments, lack of amounts shown in each bank's official condition reports submitted for comparability, etc. One member bank in Alaska also excluded. Dec. 31, 1954, and June 30 and Oct. 5, 1955 (and Apr. 11 and Dec. 31, NOTE.—These ratios, being arithmetic averages of the operating ratios 1955, for the New York District), except for a limited number of banks of individual member banks, differ in many cases from corresponding for which all reports were not available; such reports as were available ratios computed from aggregate dollar amounts shown in the May 1956 were used in those instances. Savings deposits are included in the time issue of the BULLETIN. Such differences result from the fact that each deposit figures used in these tables. Banks with no time deposits (242 in bank's figures have an equal weight in calculation of the averages whereas number) are included with the banks having ratios of time to total deposits the figures of the many small and medium-sized banks have but little of less than 25 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Statistics * International * International capital transactions of the United States 654 Gold production 658 Net gold purchases and gold stock of the United States 659 Reported gold reserves of central banks and governments 660 Estimated foreign gold reserves and dollar holdings 661 International Bank and Monetary Fund 662 Central banks 662 Money rates in foreign countries. 667 Foreign exchange rates. . 668 Index to statistical tables. 681 Tables on the following pages include the prin- dealers in the United States in accordance with cipal available statistics of current significance the Treasury Regulation of November 12, 1934. relating to international capital transactions of Other data are compiled largely from regularly the United States, foreign gold reserves and dol- published sources such as central bank statelar holdings, and foreign central banks. Figures ments and official statistical bulletins. Back figon international capital transactions of the ures for 1941 and prior years, together with de- United States are collected by the Federal Re- scriptive text, may be obtained from the Board's serve Banks from banks, bankers, brokers, and publication, Banking and Monetary Statistics. 653 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Total foreign In- countries Ger- Date t t i e i n o r s n n t a a i- - l Official France m R F a e e n d p y . . , Italy S l w a er n i - t d z- U K d n i o i n m t g ed - E O u t r h o e p r e E T u o ro ta p l e C a a d n a - A L m a e t r in ica Asia o A th l e l r tutions2 and Official of private 1952—Dec. 31.... 1,585 8,961 4,654 343 551 309 642 818 1.093 3,755 1.421 1.613 1.837 336 1953—Dec. 31.... 1,629 10,019 5,667 429 899 466 674 709 1,558 4,734 1,296 ,768 1,896 326 1954—Dec. 31.... 1,770 11,153 6,774 715 1,373 579 672 640 1,642 5,621 1,536 ,906 1,825 265 1955—Apr. 30.... 1,821 11,067 6,633 671 1,405 629 658 677 1,660 5,698 1,319 ,899 1,852 298 May 31.... 1,875 11,178 6,711 766 1,408 638 672 664 1,577 5,724 1,275 ,989 1,885 305 June 30 1,854 11,263 6,776 785 1,397 646 685 689 1,588 5,790 1,269 ,920 1,983 301 July 31.... 1,861 11,281 6,658 835 1,418 676 703 623 1,560 5,815 302 ,897 1,968 299 Aug. 31.... 1,859 11,189 6,552 915 1,420 702 679 561 1,567 5,844 1,180 ,854 1,994 316 Sept. 30.... 1,844 11,496 6,806 980 1,425 759 684 575 1,562 5,986 1,179 ,916 2,085 329 Oct. 31.... 1,825 11,748 6,890 1,017 ,424 813 709 645 1,557 6,166 1,138 1,948 2,157 340 Nov. 30.... 1,823 11,823 6,964 1,069 [,431 810 747 645 1,489 6,190 1,125 1,946 2,217 344 Dec. 31.... 1,881 11,719 6,953 1,081 1,454 785 757 548 1,516 6,141 1,032 2,000 2,186 360 1956-Jan. 31.... 1,867 11,874 6,986 1,066 1,458 785 741 657 1,561 6,268 ,088 1,952 2,213 353 Feb. 29^... 1,876 11,988 7,045 1,032 1,467 799 738 675 1,596 6,307 ,088 2,001 2,238 354 Mar. 31*>... 1,894 12,459 7,391 1,122 1,487 806 733 766 1,617 6,532 ,178 2,114 2,277 358 Apr. 30*\.. ,978 12,491 7,314 867 1,524 812 742 111 1,821 6,544 1,207 2,156 2,268 316 Table la. Other Europe Date E O u t r h o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l m R a u n - ia Spain S d w en e- T k u ey r- Y sla u v g i o a - o A th ll er 1952—Dec. 31 1.093 91 124 70 29 47 203 110 57 6 19 91 8 12 224 1953 Dec 31 1,558 191 130 96 38 101 243 119 72 6 36 117 14 388 1954—Dec. 31 1,642 273 100 71 41 113 249 103 91 8 71 141 8 9 363 1955—Apr. 30 1,660 272 106 70 37 134 218 77 95 8 99 118 11 9 405 May 31 1,577 272 103 64 40 131 195 68 94 8 101 114 10 9 368 June 30 1,588 269 107 54 38 127 202 71 94 8 109 119 12 11 367 July 31 1,560 273 99 56 40 125 202 68 101 8 113 129 9 8 328 Aug 31 1,567 283 104 60 42 126 190 66 106 8 119 141 10 10 303 Sept. 30 1,562 280 104 64 41 134 199 68 112 8 120 147 9 9 267 Oct 31 1,557 279 105 54 46 141 183 72 120 8 117 149 9 11 263 Nov. 30 1,489 270 98 64 44 159 173 68 125 8 112 149 9 9 200 Dec. 31 [,516 261 108 60 49 176 164 79 132 8 104 153 9 13 201 1956— Jan. 31 ,561 254 113 64 45 200 183 63 127 8 102 154 12 11 226 Feb 29 P ,596 253 115 69 46 187 183 49 128 8 103 161 13 9 273 Mar 3IP [ 617 252 126 71 45 183 193 50 132 8 99 171 10 13 266 Apr 30^ ,821 246 123 71 49 184 223 51 134 7 102 167 10 5 447 Table lb. Latin America Neth- Date A L m i a c t a e in r- A t r i g n e a n- l B iv o i - a Brazil Chile l C o b o m ia - - Cuba m p D i R c u l i i a o e n b c - - n - - G m u a a l t a e- M ic e o x- I l W S n a a e u n d n r e r d - i d s e i s t - s l a P p i R c m u a e n b o a - - - f , Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a i e e n r r nam 1952—Dec. 31 1,613 139 24 73 79 118 301 44 34 231 44 81 61 26 94 146 117 1953—Dec. 31 1,768 130 19 102 79 150 341 39 38 183 52 90 68 27 110 222 119 1954—Dec. 31 1,906 160 29 120 70 222 237 60 35 329 49 74 83 30 90 194 124 1955—Apr. 30 1,899 156 27 111 76 88 252 68 48 376 44 78 82 46 74 243 132 May 31 1,989 167 28 129 95 91 254 67 51 372 45 74 82 48 68 285 133 June 30 1,920 157 28 120 94 102 245 71 51 341 42 84 83 50 64 261 129 July 31 1,897 165 26 118 89 103 241 71 51 327 44 80 89 45 61 253 134 Aug. 31 1,854 174 25 126 75 106 231 71 47 321 43 85 86 39 60 234 132 Sept. 30 1,916 165 26 147 87 98 237 70 43 340 46 85 89 33 61 259 132 Oct. 31 1,948 153 25 162 77 106 249 69 38 362 42 82 95 27 60 270 131 Nov. 30 1,946 153 24 149 75 120 255 66 41 379 42 87 92 22 63 261 117 Dec. 31 2,000 138 26 143 95 131 253 65 45 414 47 86 92 24 65 265 112 1956—Jan. 31 1,952 138 28 156 79 133 227 65 51 399 49 81 90 34 69 239 113 Feb. 29? 2,001 143 28 191 80 133 223 65 58 407 49 78 93 41 76 213 124 Mar. 31? 2,114 140 27 215 101 136 238 71 64 419 51 82 94 46 73 224 134 Apr. 30? 2,156 128 27 193 87 147 245 64 70 416 53 89 87 46 74 296 133 Preliminary. For other footnotes see following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 655 TABLE 1. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 —Continued [Amounts outstanding, in millions of dollars] Table lc. Asia and All Other Asia All other For- Ko- Egypt Date mosa rea, Phil and Union Total C a h n i d na H K o o n n g g India I n n e d s o ia - Iran Israel Japan p R u e b - - rn ip n - - T la h n a d i- Other Total A tra u l s i - a g B i e a l n - A E n g g y l p o - - So o u f th Other Main- lic pines Congo tian Africa land of4 Sudan 1952—Dec. 31 1,837 76 71 65 61 19 19 808 54 315 181 167 336 47 119 60 24 87 1953—Dec. 31 1,896 74 68 99 39 44 18 828 92 295 168 171 326 59 90 43 38 96 1954—Dec. 31 1,825 70 61 87 100 31 41 725 96 257 123 234 265 48 44 47 33 94 1955—Apr. 30 1,852 69 59 84 96 47 45 709 98 249 130 266 298 60 44 54 36 103 May 31 1,885 70 61 93 100 52 43 720 106 249 129 261 305 70 43 48 34 110 June 30 1,983 71 60 97 115 52 41 757 108 252 130 299 301 64 43 50 30 114 July 31 1,968 72 62 78 108 48 43 774 106 258 121 298 299 70 42 45 33 109 Aug. 31 1,994 72 60 73 110 42 55 808 102 261 122 290 316 75 46 47 37 112 Sept. 30 2,085 72 58 92 120 36 46 865 100 253 123 321 329 72 44 60 37 116 Oct. 31 2,157 75 57 90 127 42 46 914 95 247 125 339 340 74 45 70 34 116 Nov. 30 2,217 76 57 89 145 37 49 952 91 254 129 339 344 75 44 71 35 120 Dec. 31 2,186 75 55 73 174 37 53 901 88 252 138 340 360 75 42 72 53 119 1956—Jan. 31 2,213 77 55 70 159 33 57 926 85 261 144 344 353 75 42 71 43 121 Feb. 29P.... 2,238 77 56 69 164 23 61 944 83 262 149 349 354 78 42 70 35 130 Mar. 31*\... 2,277 76 57 83 152 28 55 964 89 268 151 353 358 76 43 68 43 128 Apr. 30*.... 2,268 75 58 75 129 25 48 998 93 274 146 347 316 58 43 65 32 118 Table Id. Supplementary Areas and Countries5 End of year End of year Area or country Area or country 1952 1953T 1954 1955 1952 1953 1954 1955 Other Europe: Other Asia: Albania ... . .2 .2 .2 n.a. Afghanistan 4.0 2.7 5.1 n.a. Azores .3 .4 .2 n.a. 25.5 19.8 21.1 13.8 British dependencies .4 .4 .6 .4 Burma 16.9 23.0 29.7 19.1 Bulgaria .6 .6 .6 .7 Cambodia n.a n a. 2 r13.1 Czechoslovakia" 6 6 7 7 Ceylon. . 13 9 17 1 18 8 n a Eastern Germany n.a. n.a. 1.2 1.3 Iraq 14.1 13.8 10. C 14.7 Estonia 1.9 1.9 1.9 n.a. Jordan .6 .9 .8 1.2 1.0 1.0 1.0 1.0 Laos n.a. n.a. .1 n.a. Iceland 3.7 7.5 8.9 4.8 Lebanon 19 3 23 9 16 5 18 0 Ireland, Republic of. 12.6 14.1 14.3 n.a. Pakistan 14.4 9.7 3.8 5.7 Latvia ... 1.3 1.3 1.0 1.0 Palestine .1 .1 .1 n.a. Lithuania .6 .4 .5 .3 Portuguese dependencies 2.8 5.3 1.8 2.0 Luxembourg 5 0 4 0 4 5 3 1 Saudi Arabia 15 9 18 5 61 * 79 5 Monaco . 2.6 3.0 5.3 5.6 Syria 11.4 20.5 21.5 13.1 Poland6 3.4 2.2 2.1 2.5 Viet-Nam n.a. n.a. 8 1 r62 3 Trieste . ... 4.1 2.5 2 2 1 4 U. S. S. R.6 1.7 2.0 1.8 .7 All other: British dependencies 1.6 1.6 1.' 2.4 Other Latin America: Ethiopia and Eritrea 3 5 9 1 18.0 23 7 British dependencies 14.6 18.0 19.0 16.6 French dependencies 27 0 22 3 16 i 23.5 Costa Rica 12.1 13.4 15.3 17.6 Italian Somaliland 1.1 .3 .3 n.a. Ecuador . 23.7 17.7 21.2 14.9 Liberia 10.3 11.8 5.t 13.1 French West Indies and French Guiana... 2.2 .6 .4 .6 Libya 2.3 3.0 1.7 n.a. Haiti 11 6 9.3 12 7 12 1 New Zealand 3 5 2 1 2 "4 1 9 Honduras 15.4 18.7 17.3 9.7 Portuguese dependencies 6.3 5.0 8.3 5.3 Nicaragua 13.4 16.0 10.3 12.8 Spanish dependencies .. . .2 .2 .5 .7 Parauuav 5.0 6.0 3.6 3.6 Tangier 26.7 36.1 35.7 33.5 v Preliminary. r Revised. 4 Through 1952, reported by banks in the Second (New York) Federal n.a. Not available. Reserve District only. 1 Short-term liabilities reported in these statistics represent principally 5 Except where noted, these data are based on reports by banks in the deposits and U. S. Govt. obligations maturing in not more than one year Second (New York) Federal Reserve District only and represent a partial from their date of issue, held by banking institutions in the United States; breakdown of the amounts shown in the "other" categories in Tablet small amounts of bankers' acceptances and commercial paper and of la-lc. For each date the Second District reported at least 90 per cent of liabilities payable in foreign currencies are also included. the total amount in the "other" categories. 2 Includes International Bank for Reconstruction and Development, 6 Based on reports by banks in all Federal Reserve districts. International Monetary Fund, and United Nations and other international NOTE.—Statistics on international capital transactions of the United organizations. Excludes Bank for International Settlements, reported States are based on reports by banks, bankers, brokers, and dealers. under Other Europe. Beginning with the BULLETIN for June 1954 (as explained on p. 591 of 3 Represents funds held with banks and bankers in the United States that issue), tables reflect changes in reporting forms and instructions made (and in accounts with the U. S. Treasury) by foreign central banks and by as of Mar. 31, 1954, as well as changes in content, selection, and arrangeforeign central governments and their agencies (including official pur- ment of material published. For discontinued tables and data reported ohasing missions, trade and shipping missions, diplomatic and consular under previous instructions, see BULLETIN for May 1954, pp. 540-545. establishments, etc.). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 INT'L CAPITAL TRANSACTIONS OF THE U. S. TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES 1 [Amounts outstanding, in millions of dollars] Date Total France m G F a e e n d r y - . , Italy S l w a e n r i - t d z- U K d n i o i n m t g e - d E O ur t o h p er e E T ur o o ta p l e C a a d n a - A L m i a c t a e in r- Asia o A th l e l r Rep. of 1952 Dec. 31 1,049 32 27 18 7 30 98 212 62 662 90 22 1933—Dec. 31 905 11 31 19 18 71 88 236 56 473 115 25 1954--Dec. 31 1,387 14 70 20 16 173 109 402 76 728 143 37 1955—Mar. 31 1.366 7 74 23 18 119 140 381 91 687 170 37 Apr 30.. ,380 8 79 23 17 96 127 351 104 697 190 38 May 31 ,415 10 77 26 19 98 135 367 108 686 213 41 June 30 ,450 10 84 28 19 91 143 374 122 672 239 43 July 31 ,416 12 80 26 19 70 154 361 118 655 240 42 Aug. 31 ,429 10 74 30 20 74 151 359 112 683 236 39 Sept. 30 ,406 11 69 27 21 76 152 356 115 642 252 42 Oct. 31 ,428 11 71 30 25 65 159 360 123 656 243 45 Nov. 30 ,473 12 81 30 24 74 163 383 131 670 239 49 Dec 31 . 549 12 88 30 26 109 158 423 144 706 233 43 1956 Jan 31 1,503 11 93 31 26 70 158 389 130 696 246 41 Feb. 29* 1,519 14 93 28 27 67 157 387 135 722 236 39 Mar. 31? 1,511 15 92 36 29 69 162 403 132 699 232 44 Table 2a. Other Europe Date E O ur th o e p r e A tr u ia s- g B iu e m l- m De a n rk - l F a i n n d - Greece N la e e n r t d - h s - N w o a r y - t P u o g r a - l Spain S d w en e- T k u e r y - Y sl u av g i o a - o A th l e l r 1952—Dec. 31 98 1 16 2 6 (2) 4 2 11 3 39 9 5 1953—Dec. 31 88 13 6 2 1 9 1 24 3 16 5 7 1954—Dec. 31 109 C2) 20 10 3 3 16 2 4 4 41 I 5 1955 Mar. 31 140 1 19 7 3 4 19 3 3 4 68 4 5 Apr 30 .... 127 18 7 2 4 15 3 4 3 62 4 5 May 31 135 1 18 7 2 4 15 2 4 4 67 4 4 June 30 143 (2) 15 7 3 3 13 2 5 5 80 3 5 July 31 154 (2) 14 7 3 3 12 2 8 5 89 2 8 Aug. 31 151 12 9 3 3 12 3 6 6 88 7 Sept. 30 152 1 11 8 2 3 13 4 6 6 92 (2) 5 Oct. 31 159 1 13 9 2 3 13 4 7 5 93 6 Nov. 30 163 1 15 9 4 4 11 5 7 7 92 1 6 Dec. 31.... 158 2 16 13 3 4 11 9 ? 5 7 78 2 7 1956—Jan, 31.. 158 2 18 13 3 3 12 9 5 7 74 4 7 Feb. 29* 157 2 18 11 2 5 12 9 g 7 69 6 7 Mar. 31? 162 3 20 10 2 4 15 9 6 7 70 6 8 Table 2b. Latin America Neth- Do- er- Date A L m i a c t e a i r n - A t r i g n e a n- l B iv o i - a Brazil Chile l C o b m i o a - - Cuba m p i R c l u i i a e c b n n - - - G m u a a l t a e- M ic e o x- l I W S a a n u n n d e r d d i s i e - s t s l a p P i R c m u a e b n a o - - - . f Peru v S a E a d l l o - r U gu r a u y - V zu e e n l e a - A O L i m a t c h t a e i e n r r nam 1952-Dec. 31 662 8 6 356 26 42 32 2 4 89 1 7 15 9 14 37 14 1953—Dec. 31 473 7 11 125 23 57 51 2 4 93 3 5 20 8 4 42 19 1954—Dec. 31 728 6 3 273 14 107 71 3 4 116 1 9 16 10 7 63 27 1955—Mar. 31 687 5 3 220 19 88 65 4 4 128 1 18 15 6 8 80 24 Apr. 30 697 5 3 221 13 97 69 4 4 125 1 18 16 6 7 82 25 May 31 ... 686 6 3 189 11 116 71 4 5 122 2 20 16 5 7 84 27 June 30 672 8 3 153 15 132 65 4 4 125 3 18 16 5 6 85 32 July 31 655 6 137 17 125 60 4 4 133 4 15 18 6 5 86 32 Aug. 31 683 6 3 133 15 132 71 4 4 141 1 15 21 6 10 91 32 Sept. 30 642 6 3 107 7 127 71 4 4 146 1 13 20 6 5 90 32 Oct. 31 656 6 3 91 8 122 87 4 4 151 2 14 22 6 12 91 34 Nov. 30 670 8 4 64 20 128 90 4 5 160 2 14 27 9 12 91 34 Dec. 31 706 7 4 69 14 143 92 5 5 154 3 17 29 8 18 105 34 1956—Jan. 31 696 7 4 63 11 150 82 5 5 157 1 16 32 6 20 101 34 Feb. 29* 722 13 3 66 19 151 81 5 5 164 2 19 31 7 20 102 34 Mar. 31? 699 12 4 60 6 160 80 4 6 152 3 19 30 7 13 108 35 » Preliminary. maturity of more than one year reported by U. S. banking institutions * Short-term claims reported in these statistics represent principally the (excluded from these statistics) amounted to $668 million on Mar. 31, following items payable on demand or with a contractual maturity of 1956. The term foreigner is used to designate foreign governments, not more than one year: loans made to and acceptances made for for- central banks, and other official institutions as well as banks, organizaeigners; drafts drawn against foreigners that are being collected by bank- tions, and individuals domiciled outside the United States, including ing institutions on behalf of their customers in the United States; and U. S. citizens domiciled abroad and the foreign subsidiaries and offices foreign currency balances held abroad by banking institutions and their of U. S. banks and commercial firms. Customers in the United States. Claims on foreigners with a contractual 2 Less than $500,000. 3 Includes transactions of international institutions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INT'L CAPITAL TRANSACTIONS OF THE U. S. 657 TABLE 2. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRIES *— Continued [Amounts outstanding, in millions of dollars] Table 2c. Asia and All Other Asia All other For- Egypt Date Total C m M h a o n i a n d s i a n a - H K o o n n g g India I n n e d s o ia - Iran Israel Japan ip P p h i i n l e - s T la h n a d i- Other Total t A ra u l s i - a C g B o i e n a l n g - o A E t a n g i n a g y n d l p o - - A U S f o n r o u i i f c o t a h n Other land Sudan 1952—Dec. 31 90 10 1 4 1 10 15 13 8 3 25 22 10 6 1 2 4 1953—Dec. 31 115 8 3 4 1 14 23 26 6 6 25 25 8 6 (2) 2 8 1954_Dec. 31 143 8 3 5 1 16 11 50 7 6 36 37 14 6 6 10 1955—Mar. 31 170 8 4 5 (21 16 8 60 10 12 47 37 11 6 1 7 12 Apr. 30 190 8 5 5 19 7 70 13 15 48 38 11 5 1 6 15 May 31 213 8 5 4 19 7 87 18 17 48 41 11 5 2 8 15 June 30 239 8 3 4 20 8 92 15 20 69 43 10 5 3 7 17 July 31 240 8 4 4 21 8 105 17 13 61 42 10 5 1 7 19 Aug. 31 236 8 4 4 22 10 108 15 11 53 39 9 5 2 7 17 Sept. 30 252 8 4 4 20 9 110 17 8 71 42 11 1 6 18 Oct. 31 243 8 4 5 19 9 107 17 6 67 45 11 5 2 11 16 Nov. 30 239 8 4 5 18 9 107 19 8 62 49 13 5 2 10 19 Dec. 31 233 8 3 5 18 10 103 19 8 57 43 11 5 1 8 17 1956—Jan. 31 246 9 4 6 17 11 97 20 8 71 41 13 5 2 8 13 Feb. 29* 236 8 5 5 * 19 11 93 16 9 69 39 11 5 2 7 13 Mar. 31*> 232 8 5 7 20 10 96 12 9 64 44 12 5 2 7 18 TABLE 3. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPES 3 [In millions of dollars] U.S. Govt. bonds & notes U.S. corporate securities Foreign bonds Foreign stocks Year or month c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s, ( u o - r ) - r c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) r - c P ha u s r e - s Sales c s N a h l a e e s t s e p s ( , u o - r ) - r 1952 534 231 302 850 838 13 495 677 -182 294 330 -36 1953 646 728 -82 802 731 70 543 622 —79 310 303 1954 801 793 8 1,405 1,264 141 792 841 -49 393 645 -252 1955 1,341 r812 r529 1,886 1,730 156 693 509 184 664 878 -214 1955—Mar 83 72 11 185 163 22 59 38 21 54 75 —21 Apr 48 45 4 135 130 5 49 46 4 48 58 — 10 May 249 142 107 148 133 15 45 27 18 55 77 —22 June 14 17 -3 176 158 19 70 34 36 69 101 -33 July 48 24 24 167 139 28 60 36 23 55 75 -20 184 24 159 135 116 19 40 26 14 54 73 — 19 Sept 45 r36 r9 180 154 26 37 41 -4 71 82 -11 Oct 21 30 -8 154 141 13 46 34 12 58 61 -3 Nov 35 38 -4 121 141 -20 38 37 1 57 55 2 Dec 132 86 46 148 145 3 42 57 -15 58 63 -5 1956—Jan 34 34 185 135 50 60 139 -79 61 53 g Feb P 21 44 -23 140 127 13 32 42 -10 56 61 -6 Marp 207 445 -238 171 209 -38 28 38 -10 73 97 -24 TABLE 4. NET PURCHASES BY FOREIGNERS OF LONG-TERM UNITED STATES SECURITIES, BY COUNTRIES [Net sales, (—). In millions of dollars] Ger- Inter- Total many, Switzer- United Other Total Latin All Year or month national foreign France Federal Italy land King- Europe Europe Canada Amer- Asia othes insti- coun- Repub- dom ica tutions tries lic of 1952 15 300 5 (2) (2) 51 70 -16 111 192 5 -9 2 1953 23 -34 -42 (2) (2) 57 71 -24 62 -121 25 1954 78 72 17 (2) 73 70 -20 139 -187 113 3 1955 -21 H06 -2 9 -7 147 96 r329 265 76 29 7 1955 Mar . . .. 8 33 1 (2) 20 -2 -4 16 -5 6 15 A M p a r y 16 9 6 2 (2) 1 3 4 4 1 39 1 8 8 0 -5 78 6 (2 | ) June .. —414 15 1 1 9 15 -1 24 -9 -2 } July 3 49 26 13 9 48 -2 1 j Aue 3 176 2 1 (2) 28 — 1 7 36 132 7 Sept 1 '33 2 1 1 19 -9 no -10 13 | Oct 1 4 8 2 -7 8 1 Nov (2) -24 (2) -7 -4 3 -7 -20 Dec 2 47 8 -3 4 -5 41 7 1956 Jan 49 (2) (2) 18 6 12 35 7 5 2 Feb P -11 (2) -1 -5 -10 4 -9 6 -7 (2) | -2 -274 -139 1 23 -28 -30 -174 -86 -13 j * Preliminary. r Revised. For other footnotes see opposite page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 HVFL CAPITAL TRANSACTIONS OF THE U. S. TABLE 5. NET PURCHASES BY FOREIGNERS OF LONG-TERM TABLE 6. DEPOSITS AND OTHER DOLLAR ASSETS HELD AT FOREIGN SECURITIES OWNED IN THE UNITED STATES, FEDERAL RESERVE BANKS FOR FOREIGN CORRESPONDENTS * BY AREAS [In millions of dollars] [Net sales, (-). In millions of dollars] Assets in custody Y m e o a n r t o h f n I a i n n ti t s o e t n r i- - al f c o T o r o e u t i n a g l - n Europe C a a d n a - A L m at e in r- Asia o A th l e l r Date Deposits U. S. Govt. Misceltutions tries securities2 laneous3 1952 -118 -100 20 -141 25 -10 6 1954_Dec. 31 490 2,908 105 1953 -61 -11 96 -138 35 -30 26 1954 -164 -137 -9 -133 33 -34 7 1955—May 31 402 3,264 141 1955 -27 -4 -46 74 24 -49 -7 June 30 374 3,295 139 July 31 410 3,288 135 1955—Mar... 0) C1) 4 6 -2 -1 1 Aug. 31 387 3,373 141 Apr.... -2 -4 -8 6 0) -2 0) Sept. 30 385 3,463 142 May... -4 0) 1 -4 1 -2 5 Oct. 31 402 3,506 138 June.. 0) 4 -21 21 5 -2 2 Nov. 30 408 3,558 137 July... -10 13 -8 26 2 -3 -5 Dec. 31 402 3,543 126 Aug... 1 -6 -1 -6 3 -4 3 Sept... -12 -3 -7 3 2 -3 2 1956—Jan. 31 355 3,724 122 Oct... -3 11 8 3 2 -3 0) Feb. 29 363 3,793 132 Nov... -2 5 9 6 1 -11 -S Mar. 31 354 3,791 136 Dec... -2 -18 17 -7 4 -8 A M p a r y . 3 3 0 1 3 3 0 3 7 0 3 3, , 7 7 5 1 1 7 1 1 5 5 3 5 1956—Jan.... -5 -66 12 -75 1 -5 (1) Feb.*. -3 -13 -5 -9 3 -2 1 1956—May 2 335 3,727 154 Mar. P. -15 -20 -7 -16 2 -3 4 May 9 336 3,738 156 May 16 338 3,722 157 May 23 312 3,753 156 » Preliminary. May 30 296 3,761 156 i Less than $500,000. 1 Excludes assets held for Intl. Bank and Monetary Fund and earmarked gold. See footnote 4 at bottom of following page for total gold under earmark at Federal Reserve Banks for foreign and international accounts. 2 U. S. Treasury bills, certificates of indebtedness, notes and/or bonds. 3 Consists of bankers' acceptances, commercial paper, and foreign and international bonds. NOTE.—For explanation of table and for back figures see BULLETIN for May 1953, p. 474. GOLD PRODUCTION [In millions of dollars] Production reported monthly Estimated world Africa North and South America Other Year or production month U. ( S e . x S c . l R . .) Total A So fr u i t c h a R de h s o ia - B A W r f i r e t i i c s s t a h B C e o l n g g ia o n U S n ta it te e s d C a a d n a - M ic e o x- Co b l i o a m- Chile r N ag ic u a a - 1 Au l s ia tra- Indk $/-/5Hi grains ojrgold Hofine: i. t., an ounce offintr gold= $35. 1948 805.0 728.1 405.5 18.0 23.4 11.1 70.9 123.5 12.9 11.7 5.7 7.8 31.2 6.5 1949 840.0 753.2 409.7 18.5 23.1 12.9 67.3 144.2 14.2 12.6 6.3 7.7 31.3 5.7 1950 864.5 777.1 408.2 17.9 24.1 12.0 80.1 155.4 14.3 13.3 6.7 8.0 30.4 6.7 1951 840.0 758.3 403.1 17.0 22.9 12.3 66.3 153.7 13.8 15.1 6.1 8 8 31.3 7.9 1952 868.0 780.9 413.7 17.4 23.8 12.9 67.4 156.5 16.1 14.8 6.2 8.9 34.3 8.9 1953 864.5 776.5 417.9 17.5 25.4 13.0 69.0 142.4 16.9 15.3 4.6 9.1 37.7 7.8 1954 913 5 826.2 462.4 18.8 27.5 12.8 65.1 152.8 13.5 13.2 4.4 8 2 39 1 8.4 1955 510.7 18.4 23.8 13.1 66.2 159.1 13.3 7.3 36.7 6.8 1955—Mar 73.3 42.3 1.5 2.2 1.2 5.4 13.0 1.6 1.2 .5 .6 3.3 Apr 71.4 41.7 6 2.2 I 3 5.0 12.9 1.3 1.1 .4 .7 2 8 \ May 73.1 42.8 6 2.1 1 5.3 13.4 .9 .9 .5 .8 3.0 73.1 42.7 2.2 0 5.6 13.0 .8 1.2 .2 .8 3.5 July 72.9 43.7 6 2.2 n 4.1 13.5 1.0 .8 .3 .8 3 1 Aug 74.7 44.4 6 2.2 9 5.9 13.5 .6 1.1 .4 .7 2.8 Sept. 76.2 43.6 6 2.2 i 7.0 13.8 1.0 1.3 .3 .7 3.1 Oct 43.8 5 2.0 0 6.8 13.8 1.2 .3 7 3 1 Nov 43.3 1.9 .8 6.3 13.6 1.1 .6 3 3 Dec 42.9 1.1 5.0 13.3 .8 .6 3.4 .6 1956—Jan 43.4 1.6 .1 1.2 4.8 13.0 1.9 .7 2.9 .5 Feb 42.9 .1 4.6 12.4 1.2 7 5 Mar 45.4 5.0 13.5 .7 .6 * Gold exports, representing about 90 per cent of total production. British West Africa, Belgian Congo, and India, data for which are from 2 Less than $50,000. American Bureau of Metal Statistics. For the United States, annual Sources.—-World production: estimates of U. S. Bureau of Mines. figures through 1954 are from the U. S. Bureau of the Mint and figures for Production reported monthly: reports from individual countries except 1955 and 1956 are from American Bureau of Metal Statistics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

659 U. S. GOLD NET GOLD PURCHASES BY THE UNITED STATES, BY COUNTRIES [In millions of dollars at $35 per fine troy ounce. Negative figures indicate net sales by the United States] Quarterly totals Annual totals Area and country 1955 1956 1948 1949 1950 1951 1952 1953 1954 1955 J M a a n r .- . A Ju p n r. e - J S u ep ly t - . O D c e t c . . - J M an ar .- . Continental Western Europe: Belgium 69.8 1-43.0 1-58.0 1-18.3 1-5.8 1-94.8 France 15.8 -84.8 -20.0 "-6l'.5 "-ii'.b ";:::: *-33*.8 Germany (Fed. Rep. of) '-io'.o "-130.6 -225.6 -10.0 -10.0 -100.0 -65.0 Portugal 63.0 14.0 -15.0 -34.9 -5.0 -59.9 -54.9 -5.0 Sweden 3.0 -22.9 -32.0 -20.0 -15.0 Switzerland -38.0 -15.0 "*22'.5 -65.0 -15.5 Bank for Intl. Settlements -5.6 -34^3 -65.3 -30.4 -94.3 -20.0 ....... Other 4.8 3-123.4 -16.4 -29.7 -17.3 -17.5 2.6 ""5!6 -•US ""i'.o Total 191.5 -250.2 -380.2 -184.8 -115.6 -546.4 -328.3 -77.5 -37.5 -41.5 1.5 -32.8 Sterling Area: 734.3 446.3 -1,020.0 469.9 440.0 -480.0 -50.0 Union of South Africa 498.6 195.7 13.1 52.1 11.5 Other 3.2 3.5 3.6 -.3 -.5 -.5 -.1 -.1 (2) Total 1,232.9 645.2 -1,003.4 525.6 451.2 -480.5 -50.5 -.1 -.1 <2) Canada 3.4 -100.0 -10.0 7.2 Latin America: Argentina 114.1 -49.9 -49.9 -20.0 -84.8 ....... Colombia 15.5 7.0 '"-io'.o 17.5 -22.8 -3.5 Cuba -10.0 -10.0 28.2 -20.0 Mexico 61.6 -16.1 -118.2 -60.2 87.7 -28.1 80.3 Uruguay 10.7 -14.4 -64.8 22.2 14.9 -15.0 -5.0 11.0 11.0 Venezuela -108.0 -50.0 -.9 -30.0 Other -2.1 -10.5 -7.2 -34.7 -2.4 -.3 17.2 3.0 3.4 -.1 -.i -.1 -.2 Total 81.8 -143.9 -172.0 -126.0 57.5 -131.8 62.5 14.0 3.4 -.1 10.9 -.1 -.2 Asia -4.1 4-55.4 5-38.9 5-53.7 -6.7 -5.7 -9.9 -2.2 -2.2 Eastern Europe .. 1.0 -6.2 13.7 13.1 All other 6.9 .4 6-44.2 «-76.0 <2) -.4 -2.7 -2.7 (2) 725.0 Grand total 1,510.0 193.3 -1,725.2 75.2 393.6 -1,164.3 -326.6 -68.5 -36.9 -41.7 8.7 1.4 5.2 1 Includes sales of gold to Belgian Congo as follows (in millions): 1949, 5 Includes sales of gold to Indonesia as follows: 1950, $29.9 million; $2.0; 1950, $3.0; 1951, $8.0; 1952, $2.0; and 1953, $9.9. and 1951, $45.0 million. 2 Less than $50,000. 6 Includes sales of gold to Egypt as follows: 1950, $44.8 million; and 3 Includes sale of $114.3 million of gold to Italy. 1951, $76.0 million. 4 Includes sale of $43.1 million of gold to Thailand. 7 Represents purchase of gold from International Monetary Fund. ANALYSIS OF CHANGES IN GOLD STOCK OF THE UNITED STATES [In millions of dollars] Year T (e r u G n e r a d y o s l - d o f s T to y o c e t k a a r l ) 1 I i n n s g c t r o o t e o c l a d t k a se l i e m g x ( N o p ) o p e r o l o d t r r t t , g m c o c o r E r l a r e d e r a a a : k i r s n s - e d e e - d e , - D p ti r c o t o i m o d g n o u e l c s d - - Month ( T e r u n G e r d a y o s l o - d f s m T to o o c n t k a t l h * ) I i n n s g c t o r o t e o c l a d t k a se l i e m g x N ( o ) o p p e r l o o d t r r t t , g m c o c o E r l r a r e d e r a a a : k i r s n s - e d e e - d e , - D p ti r c o t o i m o d g n o u e l c s d - - ( 1943 21,938 21,981 -757.9 68.9 -803.6 48.3 1955—May... 21,674 21,727 2.9 4.5 -1.0 5.3 1944 20,619 20,631-1,349.8 -845.4 -459.8 35.8 June... 21,678 21,730 3.1 3.8 -.9 5.6 1945 20,065 20,083 -547.8 -106.3 -356.7 32.0 July.... 21,682 21,734 4.4 1.6 -.1 4.1 1946 20,529 20,706 623.1 311.5 465.4 51.2 Aug 21,682 21,732 -2.2 3.6 -2.9 5.9 1947 22,754 22,868 22,162.1 1,866.3 210.0 75.8 Sept 21,684 21,745 12.7 4.4 10.6 7.0 1948 24,244 24,399 1,530."4 1,680.4 -159.2 70.9 Oct 21,686 21,747 2.0 10.4 -7.1 6.8 1949 24,427 24,563 164.6 686.5 -495.7 67.3 Nov.... 21,688 21,751 3.9 31.9 -27.0 6.3 Dec.... 21,690 21,753 1.9 26.7 -23.8 5.0 1950 22,706 22,820-1,743.3 -371.3 -1,352.4 80.1 1951 22,695 22,873 52.7 -549.0 617.6 66.3 1956—Jan 21,693 21,755 2.5 11.4 -8.2 4.8 1952 23,187 23,252 379.8 684.3 -304.8 67.4 Feb.... 21,695 21,757 2.1 18.6 -15.7 4.6 1953 22,030 22,091-1,161.9 2.2 -1,170.8 69.0 Mar.... 21,716 21,765 7.7 11.5 -2.9 5.0 1954 21,713 21,793 -297.2 16.6 -325.2 65.1 Apr 21,743 21,792 27.2 9.9 16.9 4.7 1955 21,690 21,753 -40.9 97.6 -132.4 66.2 May... ^21,771n1,820 41.8 P Preliminary. 3 Not yet available. 1 See footnote 2 on following page. 4 Gold held under earmark at the Federal Reserve Banks for foreign 2 Net after payment of $687.5 million in gold as United States gold sub- and international accounts amounted to $6,949.3 million on May 31, 1956, scription to the International Monetary Fund. Gold under earmark is not included in the gold stock of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 GOLD RESERVES REPORTED GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Estimated United States E m n o d n t o h f tota ( l e x w cl o . rld A t r i g n e a n- g B iu e m l- Bolivia Brazil Canada Chile lo C m o b - ia Cuba m D a e r n k - E d c o u r a- U.S.S.R.)1 Treasury Total* 1949_Dec. 35,400 24,427 24,563 216 698 23 317 496 40 52 299 32 21 1950—Dec. 35,830 22,706 22,820 216 587 23 317 590 40 74 271 31 19 1951—Dec 35,970 22,695 22,873 268 621 23 317 850 45 311 31 22 1952—Dec 36,290 23,187 23,252 706 21 317 896 42 214 31 23 1953—Dec 36,710 22,030 22,091 371 776 21 321 996 42 86 186 31 23 1954—Dec 37,350 21,713 21,793 371 778 3 322 1,080 42 186 31 23 1955 Apr 21,671 21,724 371 839 322 1,103 43 186 31 23 May 21 674 21 727 371 848 P) 322 1 111 43 186 31 23 June 37,730 21,678 21,730 371 839 322 1,112 42 186 31 23 July 21,682 21,734 371 845 (3) 322 1,122 42 186 31 23 AUK .. 21 682 21 732 371 850 (3) 322 1 134 42 186 31 23 Sept 37,880 21,684 21,745 371 877 8 322 1,141 42 186 31 23 Oct 21,686 21,747 371 920 322 1,150 42 181 31 23 Nov 21,688 21,751 371 922 323 1,147 42 141 31 23 Dec 37 980 21,690 21,753 371 929 323 1,141 44 136 31 23 1956 jan 21,693 21,755 371 942 323 1,136 44 136 31 23 Feb 21,695 21,757 371 955 323 1,129 42 136 31 23 Mar ^38 150 21 716 21 765 371 953 323 1 127 43 136 31 23 Apr 21,743 21,792 970 323 1,113 136 31 23 Ger- E m n o d n t o h f Egypt France4 R F m e e p d a u n e b r y a l , i l c G m u a a l t a e- India I n n e d s o ia - Iran Italy Mexico N l e a t n h d e s r- N w o a r y - P s a ta k n i- Peru of 1949 Dec 53 523 27 247 178 140 256 52 195 51 27 28 1950 Dec 97 523 27 247 209 140 256 208 311 50 27 31 1951_Dec 174 548 28 27 247 280 138 333 208 316 50 27 46 1952 Dec 174 573 140 27 247 235 138 346 144 544 50 38 46 1953 Dec 174 576 326 27 247 145 137 346 158 737 52 38 36 1954—Dec 174 576 626 27 247 81 138 346 62 796 45 38 35 1955 Apr 174 576 722 27 247 81 138 346 65 800 45 38 35 May 174 576 740 27 247 81 138 346 77 804 45 38 35 June . 174 576 758 27 247 81 138 346 78 804 45 38 35 July 174 576 776 27 247 81 138 346 78 804 45 48 35 174 576 802 27 247 81 138 346 130 804 45 48 35 Sept 174 576 825 27 247 81 138 346 141 804 45 48 35 Oct 174 576 849 27 247 81 138 352 142 836 45 48 35 Nov 174 576 868 27 247 81 138 356 142 856 45 48 35 Dec 174 861 920 27 247 81 138 352 142 865 45 48 35 1956—Jan 174 861 950 27 247 81 138 352 163 865 45 48 Feb 174 861 989 27 247 138 872 45 48 Mar 174 861 1 000 27 247 138 875 45 48 Apr 174 861 1.033 138 877 45 48 E m n o d n t o h f Po g r a t l u- E v l a d S o a r l- A So fr u ic th a Spain Sweden Sw la it n z d er- T la h n a d i- Turkey U K d n o i i n m t g e s - d U gu r a u y - V zu e e n l e a - M I ta n o r t n y l. e- B S a I e n n t k t t l l e . f - or Fund ments 1949 Dec. 178 17 128 85 70 1,504 118 154 1,688 178 373 J 4St 68 192 23 197 61 90 1,470 118 150 3,300 236 373 1,494 167 1951 Dec 265 26 190 51 152 1,452 113 151 2,335 221 373 1,530 115 1952—Dec 286 29 170 51 184 1,411 113 143 1,846 207 373 1,692 196 1953—Dec 361 29 176 54 218 1,459 113 143 2,518 227 373 1,702 193 1954 Dec 429 29 199 56 265 1,513 113 144 2,762 227 403 .740 196 1955 Apr 438 29 208 56 258 1,493 113 144 2,686 227 403 1,744 204 May 438 29 207 56 263 1,473 113 144 2,686 227 403 1,745 207 June . 436 29 212 56 264 1,485 113 144 2,680 227 403 1 745 230 July 422 29 215 56 264 1,495 112 144 2,544 227 403 1,747 227 Aug 425 29 212 56 264 1,501 112 144 2,457 227 403 1,751 226 Sept * ... 427 28 214 56 264 1,513 112 144 2,345 216 403 1 751 215 Oct 428 28 211 56 270 1,535 112 144 2,297 216 403 1,751 208 Nov 428 28 213 56 278 1,560 112 144 2,283 216 403 1,756 234 Dec . 428 28 212 56 276 1,597 112 144 2,120 216 403 1,808 217 19$6—Jan 431 28 211 56 278 1,593 112 144 2,149 216 403 1,811 193 Feb 431 28 216 56 272 1,592 112 144 2,210 216 403 1 811 183 Mar. 431 28 212 56 273 1,608 144 2,277 216 403 1 786 197 Apr 436 210 269 1,606 144 2,328 403 1,761 190 P Preliminary. Reserve Bank Credit, and Related Items" or in the Treasury statement 1 Represents reported gold holdings of central banks and governments "United States Money, Outstanding aad in Circulation, by Kinds." ftod international institutions, unpublished holdings of various central 3 Less than $500,000. banks and governments, estimated holdings of British Exchange Equaliza- 4 Represents holdings of Bank of France (holdings of French Exchange tion Account based on figures shown below under United Kingdom, Stabilization Fund are not included). and estimated official holdings of countries from which no reports are 5 Exchange Equalization Account holdings of gold and of United received. States and Canadian dollars, as reported by British Government. (Gold 2 Includes gold in Exchange Stabilization Fund. Gold in active portion reserves of Bank of England have remained unchanged at $1 million of this Fund is not included in regular statistics on gold stock (Treasury since 1939, when Bank's holdings were transferred to Exchange Equalizagold) used in the Federal Reserve statement "Member Bank Reserves, tion Account.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES AND DOLLAR HOLDINGS 661 ESTIMATED GOLD RESERVES AND DOLLAR HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL INSTITUTIONS [In millions of dollars] Dec. 3 , 1954 Mar. 31, 1955 June 30, 1955 Sept. 30, 1955 Dec. 31, 1955 Mar. 31, 1956* Area and country Gold& U. S. Gold& U.S. Gold & U.S. Gold& U.S. Gold& U. S. Gold& U. S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt short- Govt. term bonds term bonds term bonds term bonds term bonds term bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes Continental Western Europe: Austria 329 12 331 12 325 12 341 12 322 10 313 10 Belgium-Luxembourg (and Belgian Congo).. 1,039 10 1,087 9 1,108 10 1,146 10 1,199 10 1,235 12 Denmark 102 7 100 7 85 6 95 7 91 7 102 6 Finland 72 3 69 3 69 5 73 5 84 5 80 5 France (and dependencies) 1 1,328 161 1,362 161 1,397 160 1,593 161 21 986 151 2,027 6 Germany (Federal Republic of) . 1,999 2,125 2,155 2,250 5 2,374 8 2,487 8 Greece 124 141 % 138 145 187 194 Italy 925 10 957 5 992 2 1,105 2 1 137 2 1,158 2 Netherlands (and Netherlands West Indies and Surinam) 1,118 5 1,089 26 1 072 41 1,074 41 1 100 44 1,143 22 Norway 148 6 109 14 116 36 113 53 124 53 95 60 Portugal (and dependencies) 560 570 571 '581 601 605 Spain (and dependencies) 188 209 3 225 237 i 221 a 216 Sweden . 406 1 386 383 411 429 444 (3) Switzerland 2,185 38 2,149 42 2 170 2,197 2 354 2,341 70 Turkey 152 154 156 153 (3) ' 153 (3) 154 (3) Other4 947 4 1,016 2 1,242 4 1,273 '2 856 '6 981 Total 11,622 260 11,854 285 12,204 324 '12,787 '345 13 218 '343 13,575 209 Sterling Area: United Kingdom 3,190 216 3,137 249 3,139 280 2,800 286 2 598 282 2,816 242 United Kingdom dependencies 103 4 103 4 102 4 100 11 88 11 91 11 India 334 1 334 1 344 1 339 1 320 1 330 Union of South Africa ; 232 1 236 1 242 1 251 1 265 1 255 j Other 381 3 395 3 405 3 421 3 438 435 (3) Total 4,240 225 4,205 258 4,232 289 3,911 302 3 709 295 3,927 255 Canada 2,616 93 2,418 182 2,381 262 2,320 397 2 173 437 2,305 369 Latin. America: Argentina 531 523 528 536 509 511 Bolivia 32 26 28 26 26 27 Brazil 442 2 417 2 442 2 469 2 466 2 538 2 Chile 112 118 1 136 129 139 144 Colombia 308 (3) 183 (3) 188 (3) 184 217 (3) 222 (3) Cuba 423 124 420 149 431 149 423 169 389 169 374 167 Dominican Republic 72 75 83 82 77 84 Guatemala 62 72 78 70 72 91 Mexico 391 4 427 4 419 4 481 4 556 5582 ($•)4 Panama Republic of 74 79 1 84 2 85 1 86 82 Peru 118 114 118 124 127 129 (3) El Salvador 59 (3) 72 (3) 79 (3) 61 P) 52 & 74 Uruguay 317 308 1 291 1 277 j 281 l 289 1 Venezuela • 597 3 591 3 664 3 662 3 668 3 627 3 Other 135 10 140 11 138 12 140 14 124 15 148 14 Total... 3,673 146 3,565 172 3,707 11A 3,749 194 3,789 195 3,922 192 Asia: Indonesia 181 (3) 179 15 196 15 201 15 255 15 233 (3) Iran 169 (3) 178 190 (3) 174 (3) 175 (3) 166 (3) Japan 851 3 841 2 884 3 992 3 1 029 4 1,092 4 Philippines 266 6 264 6 263 6 266 6 268 6 285 6 Thailand 236 (3) 245 1 243 235 1 250 1 263 1 Other 520 7 551 5 601 3 620 3 643 4 660 5 Total 2,223 16 2,258 30 2,377 28 2,488 28 2,620 30 2,699 16 Eastern Europe^ 309 6 309 6 311 7 307 7 308 7 294 6 All other: EevDt 221 228 224 234 246 242 Other 68 (3) 72 84 1 87 79 '1 93 Total 289 300 308 321 1 325 '1 335 1 Total foreign countries 24,972 746 24,909 933 25,520 1,085 '25,883 '1,274 26,142 '1,308 27,057 1,048 International ^ 3,510 354 3,557 362 3,599 317 3,595 320 3,689 321 3,680 319 Grand total 28,482 1,100 28,466 1,295 29,119 1,402 '29,478 '1,594 29,831 '1,629 30,737 1,367 P Preliminary. r Revised. 7 Represents International Bank for Reconstruction and Development, 1 Excludes gold holdings of French Exchange Stabilization Fund. International Monetary Fund, and United Nations and other inter- 2 Reflects publication by France of certain previously unpublished national organizations. French gold reserves, which are included for earlier dates in Continental NOTE.—Gold and short-term dollars include reported and estimated Western Europe—Other. official gold reserves, and total dollar holdings as shown in Short-term 3 Less than $500,000. Liabilities to Foreigners Reported by Banks in the United States, by 4 Includes Yugoslavia, Bank for International Settlements (both for Countries (Tables 1 and la-Id of the preceding section). U. S. Govt. its own and European Payments Union account), gold to be distributed bonds and notes represent estimated holdings of such securities with origiby the Tripartite Commission for Restitution of Monetary Gold, and nal maturities of more than one year; these estimates are based on a unpublished gold reserves of certain Western European countries. survey of selected U. S. banks and on monthly reports of security transac- 5 Includes latest available figure (Jan. 31) for Mexican gold reserves. tions. For back figures see BULLETIN for March 1956, pp. 304-305. 6 Excludes gold reserves of the U. S. S. R. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 INTERNATIONAL INSTITUTIONS INTERNATIONAL BANK FOR RECONSTRUCTION AND INTERNATIONAL MONETARY FUND DEVELOPMENT [End-of-month figures. In millions of dollars] [End-of-month figures. In millions of dollars] 1956 1955 1956 1955 Item Item Jan. Oct. July Apr. Jan. Mar. Dec. Sept. June Mar. Gold 1,811 1,751 1,747 1,744 1,744 Dollar deposits and U. S. securities 425 428 440 464 485 Currencies: i Other currencies and securities 1... 947 966 977 996 1,001 United States 1,708 1,633 1,643 1,609 1,567 Effective loans2 1,959 1,936 1,837 1,796 1,694 Other 4 403 4 540 4 656 4,691 4,734 Other assets* 40 37 36 52 35 Unpaid member subscriptions 815 815 805 798 798 IBRD bonds outstanding 850 849 849 852 838 8,751 8,751 88,863 88,853 «8,853 Undisbursed loans 485 494 429 456 386 Accumulated net income -14 -12 -11 -11 -10 Other liabilities 10 9 9 10 11 Reserves 216 205 193 184 174 Capital3 1,810 1,810 1,810 1,806 1,806 Cumulative net drawings Quota on the Fund Loans by country, Apr. 30, 1956 Country • Paid 1956 1955 Outstanding Total in Area and member country * gold Mar. Feb. Mar. Prin- Discipal bursed paid Sold Total to Brazil 150 38 66 66 66 others* Burma 15 1 15 Chile 50 9 13 13 13 50 13 25 25 25 Continental W. Europe, total. 981 870 167 704 75 France 525 108 45 45 105 Belgium and Luxembourg.. 118 109 5 104 24 India 400 28 13 13 28 France 268 255 10 245 20 Indonesia . 110 16 15 15 15 Italy 90 37 37 6 Philippines 15 4 10 10 Netherlands 221 221 137 85 20 Turkey 43 11 15 15 20 Other 284 247 15 232 6 United States .... 2,750 688 10-393 io-378 10-484 Sterling area, total 693 555 40 514 68 Australia 259 244 3 240 21 Footnotes to tables on international institutions: India 125 74 19 55 10 1 Currencies include demand obligations held in lieu of deposits. Pakistan 77 47 42 5 2 Represents principal of authorized loans, less loans not yet effective, Union of S. Africa 135 110 7 103 16 repayments, the net amount outstanding on loans sold or agreed to be Other 97 80 7 73 16 sold to others, and exchange adjustment. 3 Excludes uncalled portions of capital subscriptions. Latin America, total 631 427 32 395 28 4 Loans to dependencies are included with member. Brazil 194 153 7 146 3 5 Includes also effective loans agreed to be sold but not yet disbursed. Colombia 95 58 8 50 3 6 Includes $49 million in loans not yet effective. Mexico 141 111 6 105 10 7 Includes $154 million not guaranteed by the Bank. 201 105 11 94 12 8 Includes $125 million subscription of withdrawing member (Czech- Other oslovakia). 118 63 61 ' Countries shown are those with cumulative net drawings of $10 mil- Asia (excl. Sterling area) lion or more on the latest date. io Represents sales of U. S. dollars by Fund to member countries for Africa (excl. Sterling area)... local currencies, less repurchases of such currencies with dollars. «2,431 ,922 240 1,682 7180 Total PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS Bank of England (millions of pounds sterling) Assets of issue Assets of banking department Liabilities of banking department department Date Note circula- Gold (fi O a d s u t s h c e i e t a s r ry Coin Notes a c n o D d u i n s a - t d s - Se t c ie u s ri- tion1 Deposits Ca a p n i d tal issue) vances Bankers' Public ECA Other surplus 1948 Dec. 29 .2 1,325.0 3.9 32.2 16.7 401.1 1.293.1 314.5 11.7 17.4 92.1 18.1 1949 Dec. 28 .4 1,350.0 5.3 28.4 14.8 489.6 1,321.9 299.2 11.6 97.9 111.2 18.1 1950—Dec. 27 .4 1,375.0 1.5 17.7 29.2 384.0 1,357.7 313.5 15.4 .4 85.0 18.1 1951 Dec. 26 .4 1,450.0 1.7 12.5 18.2 389.2 1,437.9 299.8 13.4 .6 89.8 18.1 1952—Dec. 31 .4 1,575.0 1.4 49.9 11.2 371.2 1,525.5 302.8 10.0 24.3 78.5 18.1 1953 Dec 30 . . .4 1 675.0 2.4 55.4 4.9 338.1 ,619.9 290.2 14.9 7.2 70.4 18.2 1954—Dec. 29 .4 1,775.0 2.4 23.7 8.9 350.7 1,751.7 276.1 15.4 9.6 66.3 18.1 1955 Mav 25. ... .4 1,775.0 2.4 23.1 11.8 307.2 ,752.2 240.5 13.7 6.9 65.6 18.0 June 29 .4 1,825.0 2.4 42.7 5.7 301.6 1,782.7 246.6 14.2 .5 72.9 18.2 July 27 .4 1,875.0 2.4 14.5 21.0 305.9 1,860.9 240.8 13.6 2.2 68.8 18.3 Aug. 31 .4 1,825.0 2.4 43.1 20.0 280.2 1,782.3 243.6 10.9 2.7 70.0 18.5 Sept. 28 .4 1,800.0 2.4 33.9 11.1 295.8 1,766.4 239.3 14.5 2.6 68.2 18.6 Oct. 26 .4 1,800.0 2.4 34.9 20.2 301.2 1,765.5 250.6 21.9 2.6 65.7 17.8 Nov. 30 .4 1,850.0 2.4 54.7 20.8 287.4 1,795.7 263.1 10.1 3.0 71.2 18.0 Dec 28 .4 1,900.0 2.3 10.7 37.7 299.6 ,889.6 245.2 12.0 3.2 71.7 18.1 1956 Jan. 25 .4 1,825.0 2.3 53.7 32.8 251.9 1,771.7 236.9 11.9 3.3 70.2 18.3 Feb. 29 .4 1,825.0 2.3 37.5 20.6 300.8 1,787.9 258.1 10.6 3.1 70.9 18.5 Mar. 28 .4 1,875.0 2.2 34.1 22.1 294.2 ,841.3 243.3 11.1 3.2 76.5 18.5 Apr. 25 , , .4 1,875.0 2.0 33.4 30.3 270.4 1,842.0 225.9 12.8 3.1 76.4 17.8 For footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 663 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued Bank of Canada (millions of Canadian dollars) Assets* Liabilities Date Sterling Do c m ia i l n g io o n v t. a s n e d c u p ri r t o ie v s in- Deposits Other U d S o a n t l a n i l t t a d e e r s d s S t h er o m rt- Other O as t s h e e t r s circ N u o la te tion Ch b a a r n te k r s ed Do g m o i v n t i . on Other li c a a b a p n il i i d t t a ie l s 1948—Dec. 31 .4 1.233.'7 779.1 45.4 1,289.1 547. 98.1 81 0 43 1 1949—Dec. 31 74.1 ,781.4 227.8 42.5 1,307.4 541. 7 30.7 126.9 119 2 1950—Dec. 30 111.4 ,229. 712.5 297.1 1,367.4 578. 6 24.7 207.1 172 6 1951 Dec. 31 117.8 ,141.1 1,049.3 135.2 1,464.2 619. 0 94.9 66 1 200 0 1952—Dec. 31 77.1 ,459. 767.2 77.3 1,561.2 626. 6 16.2 44.5 132 9 1953—Dec. 31 54.9 ,376. 5 893.7 112.0 1,599.1 623. 9 51.5 29.5 133.1 1954—Dec. 31 54.2 ,361. 5 871.1 114.1 1,623.5 529. 6 56.3 30.5 161.0 1955—May 31 52.3 ,357. 5 817.5 87.1 1,597.7 516. 9 50.6 35.6 113.7 June 30 55.8 1,451.!) 834.9 121.5 1,618.8 577. 0 71.3 36.5 160 4 July 30 59.6 1,233.'X 1,032.4 134.9 1,651.8 532. 9 52.9 45.2 177.5 Aug. 31 57.7 1,185..7. 1,149.3 73.2 1,653.9 538. 7 59.5 38.1 175.2 Sept. 30 60.6 1,103.7 1,196.5 156.6 1,665.8 565. 7 63.4 29 1 192 8 Oct. 31 56.6 ,318.5 991.2 158.3 1,674.2 580. 7 62.4 34.5 173.0 Nov. 30 52.9 1,326.2 1,060.2 141.3 1,684.0 562. 6 128.3 45 2 160 4 Dec. 31 57.4 ,283. % 1,093.7 185.2 1,738.5 551. 0 89.2 34.0 207 5 1956—Jan. 31 54.4 ,091. 1,146.0 119.2 1,648.7 528. 4 76.1 42.1 115 7 Feb. 29 56.5 .065. 1,143.3 108.2 1,641.1 493. 6 60.8 35.0 143 0 Mar. 31 58.8 '965.< 1,285.0 95.0 1,677.2 506.1 48.1 31.4 141.9 Apr. 30 52.3 764. I 1,538.1 121.4 1,686.3 564. 9 54.1 30.6 140.0 Bank of France (billions of francs) Assets Liabilities Date Advances to Foreign Domestic bills Government Other Note Deposits O lia t b h i e l r - Gold ch e a x n - ge m O a p r e k n et Special Other Current Other assets cir ti c o u n la- Go m v e e n rn t - Others ca i a t p n ie i d t s al 1948—Dec. 30 65.2 (4) 97.4 8.6 238.6 150.9 558.0 57.6 5)87.6 .8 171.8 16.2 1949—Dec. 29 62.3 61.9 137.7 28.5 335.7 157.9 561.0 112.7 1 278.2 1.2 159.0 19.4 1950 Dec. 28 182.8 162.0 136.9 34.1 393.1 158.9 481.0 212.8 1,560.6 176.8 24.2 1951—Dec. 27 191.4 28.3 234.9 32.0 741.3 160.0 481.0 190.8 1,841.6 (4) 176.8 41.3 1952—Dec. 31 200.2 31.1 274.0 57.0 93T.5 172.0 480.0 159.7 2, 123.5 (4) 138.6 49.3 1953—Dec. 31 201.3 15.4 292.5 61.1 89] .6 200.0 679.8 170.0 310.5 (4) 144.9 56.3 1954—Dec. 30 201.3 57.3 236.8 48.9 1.13C.2 195.0 617.6 277.2 2, 538.5 .1 157.8 67.9 1955—May 26 201.3 153.0 210.4 26.5 1.028.5 190.0 584.9 334.4 2, 523.4 w (4) 140.8 64.8 June 30 201.3 183.9 245.5 16.4 ,05^ .8 190.0 579.4 355.6 2, 529.9 138.6 58.3 July 28 201.3 200.1 247.6 11.3 ,061.9 190.0 579.8 355.5 2, 542.8 145.3 59.3 Aug. 25 201.3 200.2 190.0 7.5 ,042.9 190.0 579.3 371.6 2, 588.5 .1 125.3 68.9 Sept. 29 201.3 200.2 235.8 14.9 ,076.6 190.0 557.9 409.8 2, 592.5 .1 138.2 55.7 Oct. 27 201.3 200.2 245.4 30.0 ,06(.8 190.0 545.2 429.9 2,<591.4 139.0 72.4 Nov. 24 201.3 200.2 209.0 43.2 ,037.8 190.0 536.4 417.8 2, 547.6 (4) 120.6 67.5 Dec. 29 301.2 200.2 226.7 45 2 .7 190.0 539.8 336.8 2, 320.0 (4) 142.9 71.8 1956—Jan. 26 301.2 197.9 184.5 34.3 ,198 183.0 533.3 325.9 2,'741.1 (4) 143.5 73.6 Feb. 23 301.2 178.5 197.5 27.7 ,189.2 183.0 539.5 302.7 2,'741.5 .1 116.8 60.9 Mar. 29 301.2 178.6 237.7 19.5 1,33'.5 183.0 519.6 316.1 2, 376.7 (4) 156.3 57.2 Apr. 26 301.2 162.6 269.4 14.6 1,274.0 183.0 518.1 5331.4 2, 334.4 (4) 148.1 71.8 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. Central Bank of the Argentine Republic Commonwealth Bank of Australia (mil- (millions of pesos): lions of pounds): Gold reported ser>aratelv 1,623 1 1.623 Gold and foreien exchanee 259 27C 286 379 Other gold and foreign exchj»njy« -254 -4?6 133 Checks and bills of other banks 9 g 9 9 Govt securities.. 5,682 5 613 4,067 Securities (incl. Govt. and Treas- 89 829 85 928 74,129 ury bills) 504 56C 522 454 Other assets '370 488 381 Other assets 126 119 116 92 Currencv circulation 37 078 36,895 31,302 Note circulation 383 384 374 367 Deposits—Nationalized... 52,624 48 710 44,394 Deposits of Trading Banks: 1 791 1 Q37 635 285 30C 300 296 Other liabilities and cat)ita1 5 759 685 5,004 Other 22 37 30 27 Other liabilities and capital.. 208 235 228 244 Footnotes to central bank table on this and opposite page: 5 Includes advance of 180.2 billion francs to Stabilization Fund. i Notes issued, less amounts held in banking department. NOTE.—All figures, including gold and foreign exchange, are compiled * Gold was transferred on May 1, 1940, to Foreign Exchange Control from official reports of individual banks and are as of the last report date Board in return for short-term Govt. securities (see BULLETIN for July 1940, of the month. For details relating to individual items, see BULLETIN for pp. 677-678). April 1955, p. 443. For last available report from the Reichsbank 3 Beginning 1950, includes ECA. (February 1945), see BULLETIN for December 1946, p. 1424. 4 Less than 50 million francs. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Apr. Mar. Feb. Apr, Apr. Mar. Feb. Apr. Austrian National Bank (millions of National Bank of Cuba—Cont. schillings): Foreign exchange (Stabilization Gold 1,744 1,743 1,743 556 Fund) 230 217 206 208 Foreign exchange (net) 6,830 6,847 6,969 ,116 Net claim on Intl. Fund* 13 13 13 13 Loans and discounts 5,692 5,625 5,500 ,208 Loans and discounts 50 62 59 69 Claim against Government 1,717 1,617 1,412 ,762 Credits to Government 96 76 72 70 Other assets 828 832 929 377 Other assets 79 81 79 78 Note circulation 12,824 12,882 12,614 ,145 Note circulation 438 437 424 434 Deposits—Banks 639 496 636 ,690 Deposits 296 271 245 280 Other 519 544 561 501 Other liabilities and capital 22 21 20 20 Blocked 1,406 1,388 1,413 1,683 Niational Bank of Czechoslovakia2 Other liabilities and capital 1,424 1,355 1,329 National Bank of Denmark (millions National Bank of Belgium (millions of of kroner): francs): Gold 68 68 68 68 Gold 48,499 47,638 47,749 41 938 Foreign exchange 795 769 740 705 Foreign claims and balances (net). 11,195 11,194 10,307 12 180 Loans and discounts 182 182 139 241 Loans and discounts 3,389 4,220 4,985 5 890 Securities 491 495 505 473 Consolidated Govt. debt 34,660 34,660 34,660 34660 Govt. compensation account 3,099 3,100 3,104 3,144 Govt. securities 7,808 7,498 7,247 8;823 Other assets 561 971 1,154 588 Other assets 5,250 5,311 5,122 5004 Note circulation 2,102 2,149 2,075 1,986 Note circulation 105,126105,005104,249 103811 Deposits—Government 1,294 1,697 1,669 1,300 Deposits—Demand 1,880 1,869 2,109 1600 Other 1,560 1,501 1,676 1,732 ECA 48 49 49 96 Other liabilities and capital 240 238 290 202 Other liabilities and capital 3,748 3,599 3,665 2,988 Oentral Bank of the Dominican Re- Central Bank of Bolivia—Monetary (Nov. public (thousands of pesos): dept. (millions of bolivianos): 1955)" Gold 12,526 12,526 12,526 12,076 Gold at home and abroad 500 495 Foreign exchange (net) 14,836 17,301 16,151 11,815 Foreign exchange (net) 712 854 Net claim on Intl. Fund1 1,250 1,250 1,250 1,250 Loans and discounts 48,307 ,019 Loans and discounts 2,500 2,500 2,750 3,999 Govt. securities 2,505 ,505 Govt. securities 8,360 8,360 8,360 8,890 Other assets 994 894 Other assets 16,545 16,278 14,802 14,574 Note circulation 37,939 ,159 Note circulation 45,522 47,658 46,698 41,391 Deposits 10,748 ,493 Demand deposits 7,864 7,989 6,634 8,706 Other liabilities and capital 4,331 ,115 Other liabilities and capital 2,631 2,568 2,507 2,508 Central Bank of Ceylon (millions of Central Bank of Ecuador (millions of rupees): sucres): Foreign exchange 690 674 657 581 Gold 344 344 344 343 Govt. securities 24 37 34 23 Foreign exchange (net) -108 -102 -68 94 Other assets 6 17 4 9 Net claim on Intl. Fund1 19 19 19 19 Currency in circulation 423 416 409 385 Credits—Government 504 484 485 364 Deposits—Government 128 125 104 75 Other 223 220 216 221 Banks 86 98 95 101 Other assets 249 242 243 223 Other liabilities and capital 83 86 51 Note circulation 611 617 612 635 Central Bank of Chile (millions of Demand deposits—Private banks. 191 183 198 220 pesos): Other 139 142 162 168 Gold 7,901 7,037 5,747 Other liabilities and capital 290 265 266 242 Foreign exchange (net) 782 839 504 Ni[ational Bank of Egypt (millions of Discounts for member banks 6,031 6,246 238 pounds): Loans to Government 16,153 16,153 885 Gold 61 61 61 61 Other loans and discounts 20,747 18,964 444 Foreign assets3 125 129 136 181 Other assets 10,295 8,837 784 Egyptian Govt. securities 94 97 85 74 Note circulation 47,839 43,932 239 Clearing and other accounts (net). -7 -8 -10 -11 Deposits—Bank 5,740 5,674 272 Loans and discounts 23 24 23 21 Other 1,942 2,054 246 Other assets 2 1 1 2 Other liabilities and capital 6,387 6,416 846 Note circulation 172 176 173 173 Bank of the Republic of Colombia (mil- Deposits—Government 32 20 13 58 lions of pesos): Other 76 92 93 79 Gold and foreign exchange 276 256 256 248 Other liabilities and capital 17 17 17 18 Net claim on Intl. Fund1 24 24 24 24 Olentral Reserve Bank of El Salvador Loans and discounts 464 517 488 596 (thousands of colones): Govt. loans and securities 496 501 489 456 Gold 70,833 70,898 71,507 Other assets 111 111 108 135 Foreign exchange (net) 55,572 52,084 64,511 Note circulation 669 678 674 617 Net claim on Intl. Fund1 1,571 1,571 1,569 Deposits 537 552 518 666 Loans and discounts 55,890 55,381 34,158 Other liabilities and capital 167 178 174 176 Govt. debt and securities 14,557 16,216 15,297 Central Bank of Costa Rica (millions Other assets 6,760 6,749 7,075 of colones): Note circulation 103,751104,213 98,095 Gold 12 12 12 12 Deposits 91,465 88,817 87,003 Foreign exchange 106 113 111 129 Other liabilities and capital 9,968 9,868 9,019 Net claim on Intl. Fund* 7 7 7 7Baiink of Finland (millions of markkaa): Loans and discounts 86 78 81 70 Gold 7,849 7,849 7,849 6,891 Securities 7 7 7 6 Foreign assets and liabilities (net).. 23,103 26,453 27,538 r33,424 Other assets 27 24 24 26 Loans and discounts 45,087 39,336 40,596 r19,100 Note circulation 154 158 158 158 Securities—Government 18,750 18,750 20,000 20,000 Demand deposits 56 48 50 59 Other 1,814 1,851 1,888 2,096 Other liabilities and capital 35 35 34 32 Other assets 10,836 10,420 9,954 1,984 National Bank of Cuba (millions of Note circulation. 54,951 54,252! 49,713 pesos): Deposits 27,269 26,767 30^260 18,782 Gold 136 136 136 186 Other liabilities and capital 25,220 23,641 23,696 15,000 Foreign exchange (net) 153 145 124 112 r Revised. *Latest month available. 3 Includes foreign government securities formerly shown with Egyptian 1 This figure represents the amount of the country's subscription to the Govt. securities. Fu 2 n d F o le r s l s a s t t h a e v b a a il n a k b ' l s e r lo e c p a o l r t c s u f r o re r n C c z y e c li h a o b s i l l o it v y a k to ia t h a e n d F H un u d n . gary (March and fro N m O T of E fi . c — ia A l l r l e f p ig o u rt r s e s o , f i n in c d lu iv d i i d n u g a l g o b l a d n k an s d a n fo d r e a i r g e n a s e x o c f h t a h n e g e la , s a t r r e e p c o o r m t p d i a le te d February 1950, respectively) see BULLETIN for September 1950, pp. of the month. 1262-1263. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS 665 PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Apr. Mar. Feb. Apr. Apr. Mar. Feb. Apr. Bank of German States4 (millions of Bank of Israel (thousands of pounds): German marks): Gold 2,054 2. 2,050 2,025 Gold 4,337 4,202 4,154 3,033 Foreign exchange 124,490 117, 104,286 94,474 Foreign exchange 9,652 9,464 9,314 8,606 Clearing accounts (net) 9,048: 1\ 6,925 3,715 Loans and discounts 4,870 5,052 4,445 1,581 Loans and discounts 19,592i 18! 17,628 4,479 Loans to Government 4,121 4,032 4,265 4,524 Advances to Government 20,908... 21,120 20,483 Other assets 870 922 1,128 897 Other Govt. accounts 42,172 ... 31,348 Note circulation 13,882 14,089 13,444 12,642 Govt. securities 139,812146, 132,632 128,950 Deposits—Government 4,492 4,293 4,533 1,072 Other assets 21,891| 35! 17,272 14,952 Banks 3,666 3,415 3,402 2,890 Notes and coin in circulation 204,782 207! 193,631 176,435 Other 245 255 235 277 Deposits—Government 31,658 3; 27,276 15,280 Other liabilities and capital...... 1,567 1,621 1,691 1,760 Other 128,970 101 99,650 65,628 Bank of Greece (millions of drachmae): Other liabilities and capital 14,558 14 12,706 11,736 Gold and foreign exchange (net).. 5,490 5,937 5,363 BlJank of Italy (billions of lire): Loans and discounts 134 133 130 Gold 4 4 4 4 Advances—Government 6,525 6,551 8,745 Foreign exchange 70 70 70 66 Other 4,416 4,611 4,568 Advances to Treasury 567 567 567 567 Other assets 1,628 1,285 1,363 Loans and discounts 436 422 424 393 Note circulation 4,999 4,941 4,045 Govt. securities 408 418 408 350 Deposits—Government 810 820 1,107 Other assets 845 892 886 765 Reconstruction and Note circulation 1,531 1,564 1,529 3,422 relief accts 7,161 7,146 7,296 Deposits—Government 25 23 25 50 Other. 4,219 4,180 3,580 Demand 79 83 80 61 Other liabilities and capital 1,005 1,429 4,140 Other 552 566 586 483 Bank of Guatemala (thousands of Other liabilities and capital 144 137 138 129 quetzales): Bank of Japan (billions of yen): Gold 27,241 27,238 27,227 Bullion () Foreign exchange (net) 35,913 32,431 22,596 Advances to Government 1 Gold contribution to Intl. Fund... 1,250 1,250 1,250 Loans and discounts 28 37 32 225 Rediscounts and advances 6,907 7,409 8,632 Govt. securities 521 561 465 430 Other assets 39,749 42,371 34,825 Other assets 243 253 251 111 Circulation—Notes 53,774 52,105 49,212 Note circulation 585 575 569 551 Coin 3,919 3,860 3,739 Deposits—Government 64 138 43 46 Deposits—Government 6,817 9,144 9,838 Other 59 56 63 78 Banks 22,051 21,389 16,521 Other liabilities 84 84 76 93 Other liabilities and capital 24,499 24,201 15,220 B;lank of Mexico (millions of pesos): National Bank of Hungary2 Monetary reserve7 1,775 1,803 1,824 1,524 Reserve Bank of India (millions of "Authorized" holdings of securupees): rities, etc 5,306 5,407 5,571 4,129 Issue department: Bills and discounts 380 385 341 620 Gold at home and abroad 400 400 400 400 Other assets 334 335 327 526 Foreign securities 6,814 6,564 6,672 6,620 Note circulation 4,763 4,956 4,820 4,167 Indian Govt. securities 6,987 6,788 6,032 5,338 Demand liabilities 2,335 2,255 2,478 1,928 Rupee coin 1,072 1,032 1,050 1,062 Other liabilities and capital 696 719 767 703 Note circulation 15,050 14,666 14,029 13,108 Netherlands Bank (millions of Banking department: guilders): Notes of issue department..... 223 118 126 312 Gold 3,322 ,315 3,302 3,030 Balances abroad 442 897 677 532 Silver (including subsidiary coin). . 11 24 33 19 Bills discounted 124 122 42 120 Foreign assets (net) 1,401 ,380 1,422 1,481 Loans to Government 18 36 9 Loans and discounts 84 38 35 45 Other assets 1,324 1,451 1,208 ,026 Govt. debt and securities 440 440 442 800 Deposits 1,536 1,993 1,538 ,575 Other assets 353 394 409 437 Other liabilities and capital.... 595 595 552 424 Note circulation—Old 28 Bank Indonesia (millions of rupiahs): New 4,106 3,851 3,876 3,552 Gold and foreign exchange (net).. 1,231 1,516 1,710 1,399 Deposits—Government 177 321 302 735 Loans and discounts 920 728 919 337 ECA 466 490 490 610 Advances to Government 7,880 7,968 7,626 9,085 Other 669 704 751 644 Other assets 394 392 445 308 Other liabilities and capital 194 225 223 244 Note circulation 7,564 7,607 7,847 7,614 R<eserve Bank of New Zealand (thou- Deposits—ECA 448 448 448 495 sands of pounds): Other 1,530 1,677 1,551 2,211 Gold 6,162 6,162 6,161 Other liabilities and capital 882 872 853 809 Foreign exchange reserve 28,715 31,418 44,614 Bank Melli Iran5 (millions of rials): Loans and discounts 33,930 29,192 32,355 Gold 4,242 4,242 4,242 4,242 Advances to State or State un- Foreign exchange 244 244 244 244 dertakings 50,789 50,610 45,531 Gold contribution to Intl. Fund. .. 282 282 282 282 Investments 38,279 41,279 33,262 Govt.-secured debt 7,187 7,187 7,187 7,187 Other assets 2,108 1,731 1,568 Govt. loans and discounts 11,545 11, S" 11,161 11,601 Note circulation 70,224 68,882 70,693 Other loans and discounts 4,916 A,911 4,651 3,822 Demand deposits 79,219 81,343 83,124 Securities 449 449 449 411 Other liabilities and capital 10,541 10,166 9,674 Other assets 3,342 2,988 2,780 3,416B;lank of Norway (millions of kroner): Note circulation 10,033 11,157 10,053 10,290 Gold 209 209 210 203 Deposits—Government 4,239 4,193 4,225 4,413 Foreign assets (net) -87 -110 -144 -251 Banks 1,231 1,400 1,475 1,269 Clearing accounts (net) -74 -70 -42 -42 Other 13,316 12,097 12,052 11,932 Loans and discounts 136 133 124 68 Other liabilities and capital 3,390 3,510 3,191 3,301 Securities 84 89 90 72 Central Bank of Ireland (thousands of Occupation account (net) 5,546 5,546 5,546 5,546 pounds): Other assets 104 111 110 63 Gold 2,646 2,646 2,646 2,646 Note circulation 3,096 3,150 3,079 3,099 Sterling funds 69,792 70,458 69,278 69,952 Deposits—Government 1,453 1,477 1,359 1,216 Note circulation 72,438 73,104 71,924 72,598 Banks 389 339 491 454 FOA 88 88 106 H48 Other liabilities and capital 892 855 859 r743 4 Includes figures for the nine Land Central Banks. 7 Includes gold, silver, and foreign exchange forming required reserve 5 Items for issue and banking departments consolidated. (25 per cent) against notes and other demand liabilities. 6 Holdings in each month were 448 million yen. For other footnotes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 CENTRAL BANKS PRINCIPAL ASSETS AND LIABILITIES OF CENTRAL BANKS—Continued 1956 1955 1956 1955 Central bank, monetary unit, Central bank, monetary unit, and item and item Apr. Mar. Feb Apr. Apr. Mar. Feb. Apr. State Bank of Pakistan (millions of Bank of Sweden (millions of kronor): rupees): Gold 593 601 598 569 Issue department: Foreign assets , 925 934 958 860 Gold at home and abroad *.... 114 114 114 81 Net claim on Intl. Fund2 129 129 129 129 Sterling securities 914 894 894 43 Swedish Govt. securities and ad- Pakistan Govt. securities. 1,205 1,224 1,224 ,455 vances to National Debt Office ,791 3,603 3,630 2,939 Govt. of India securities.... 275 275 275 221 Other domestic bills and advances 23 44 25 252 India currency 431 431 431 300 Other assets ,019 1,646 1,056 996 Rupee coin 69 69 69 48 Note circulation ,130 5,073 4,777 4,857 Notes in circulation 2,882 2,898 2,917 !,426 Demand deposits—Government. 202 213 396 100 Banking department: Other 168 111 351 105 Notes of issue department 126 109 90 111 Other liabilities and capital 980 959 872 683 Bills discounted 2 1Swiss National Bank (millions of Loans to Government 19 64 francs): Other assets 570 563 574 329 Gold 6,754 6,731 6,665 6,235 Deposits 575 557 566 403 Foreign exchange 581 590 618 564 Other liabilities and capital.... 121 115 120 102 Loans and discounts 132 127 128 110 Central Bank of Paraguay (millions of Other assets 93 90 91 90 guaranies): Note circulation 5,205 5,263 5,126 5,084 Gold 4 4 Sight liabilities , 2,141 2,067 2,163 1,719 Foreign exchange (net) 42 -14 Other liabilities and capital 213 209 213 196 Net claim on Intl. Fund2 8 8Central Bank of the Republic of Turkey Loans and discounts 1,421 891 (millions of pounds): Govt. loans and securities 380 458 Gold 402 402 402 402 Other assets 213 176 Foreign exchange and foreign Note and coin issue 890 735 clearings 207 208 201 184 Deposits—Government 210 175 Loans and discounts 3,473 3,527 3,465 2,964 Other 178 122 Securities 29 29 30 30 Other liabilities and capital 789 492 Other assets 142 139 156 99 Central Reserve Bank of Peru (millions Note circulation 1,955 1,986 1,948 1,608 of soles): Deposits—Gold , 155 155 155 154 Gold and foreign exchange 430 442 628 Other 1,561 1,590 1,600 1,373 Net claim on Intl. Fund2 67 67 67 Other liabilities and capital , 583 575 552 543 Loans and discounts to banks.... 852 844 485 Banki ooff tthhee RRee]public of Uruguay (mil- Loans to Government 1,086 1,089 ,103 lions of pesos): Other assets 208 167 77 Gold 327 344 Note circulation 1,922 1,884 ,744 Silver 10 9 Deposits 434 481 465 Advances to State and Govt. Other liabilities and capital 286 245 152 bodies 242 130 Central Bank of the Philippines Other loans and discounts 484 444 (millions of pesos): Other assets 648 751 Gold 33 33 20 Note circulation 530 478 Foreign exchange 340 330 339 Deposits—Government 180 157 Net claim on Intl. Fund2 10 10 30 Other 343 328 Loans 52 39 22 Other liabilities and capital 657 714 Domestic securities 375 374 294 Centrtraall Bank of Venezuela (millions Other assets 162 156 155 of" b o'livares): Circulation—Notes 638 626 607 Gold 1,234 1,234 1,234 1,233 Coin 86 86 86 Foreign exchange (net) 458 262 277 331 Demand deposits 172 156 120 Other assets 128 110 115 131 Other liabilities and capital 75 73 46 Note circulation 1,063 1,087 1,084 1,051 Bank of Portugal (millions of escudos): Deposits 328 300 257 268 Gold 5,711 5,666 560 Other liabilities and capital 428 219 284 376 Foreign exchange (net) 13,720 13,586 161National Bank of Federal People's Re- Loans and discounts 985 1,000 845 public of Yugoslavia (billions of Advances to Government 1,381 1,376 399 dinars): Other assets 1,385 1,363 073 Gold 5 5 4 Note circulation 10,687 10,716 976 Gold contribution to Intl. Fund... 2 2 2 Demand deposits—Government. . 1,402 1,440 704 Foreign assets 60 60 43 ECA 81 118 81 Loans (short-term) 798 787 697 Other 8,450 8,149 121 Govt. debt (net) 34 36 4 Other liabilities and capital 2,561 2,567 156 Other assets 23 26 39 South African Reserve Bank (millions Notes and coin in circulation 80 83 90 of pounds): Demand deposits 158 159 175 Gold 74 75 76 74 Foreign liabilities 122 123 97 Foreign bills 31 36 34 51 Long-term liabilities (net) 432 421 363 Other bills and loans 40 52 32 27 Other liabilities and capital 130 130 64 Other assets 58 64 61 51Bank for International Settlements Note circulation 107 107 105 103 (millions of Swiss gold francs): Deposits 77 101 80 83 Gold in bars 581 602 561 626 Other liabilities and capital 19 18 18 18 Cash on hand and with banks.... 54 57 55 64 Bank of Spain (millions of pesetas): Rediscountable bills and accept- Gold 617 617 616 615 ances (at cost) 481 465 503 Silver 321 322 321 323 Time funds at interest 92 99 102 188 Govt. loans and securities 15,880 15,798 15,889 ,916 Sundry bills and investments 483 448 443 409 Other loans and discounts 36,873 36,316 35,285 ,652 Funds invested in Germany 297 297 297 297 Other assets 48,050 49,925 43,356 ,530 Other assets 1 2 2 1 Note circulation 46,253 45,811 45,289 ,297 Demand deposits—Gold 597 552 485 453 Deposits—Government 3,465 3,524 4,323 ,947 Other 1,254 911 919 ,118 Other 9,395 8,432 7,227 ,562 Long-term deposits: Special 229 229 229 229 Other liabilities and capital 42,628 45,211 38,628 ,230 Other liabilities and capital 295 294 293 287 r Revised. 3 Includes small amount of nongovernment bonds. 1 On July 31, 1955, gold revalued from 115.798 to 166.667 rupees per NOTE.—All figures, including gold and foreign exchange, are compiled troy ounce of fine gold. from official reports of individual banks and are as of the last report date 2 This figure represents the amount of the country's subscription to the of the month. Fund less the bank's local currency liability to the Fund. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES 667 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS 1 [Per cent per annum] Central banks with new rates since December 1953 Month effective A tr u ia s- g B iu e m l- m De ar n k - France m G a e n r- y Greece N la e e n r t d - h s - N w o a r y - Spain S d w en e- T k u ey r- U K d n i o i n m t g e - d C ad a a n- N Z la e e n a w d - U S A o n fr u . i o t c h f a C lo e n y- Japan* P p h in il e ip s - In effect Dec. 31,1953 .. 4.0 2.75 4.0 3.5 3.5 12.0 2.5 2.5 4.0 2.75 3.0 3.5 2.0 1.5 4.0 3.0 6.57 2.0 1954—Jan 10.0 Feb 3.25 Mar 1.5 Apr 3.5 May 3.0 3.0 3.5 5.0 2.5 July 3.75 Nov 4.0 Dec 3.0 1955—Jan 9.0 3.5 Feb 3.5 4.5 1.5 Apr 3.75 May 4.5 5.5 4.5 July 5.0 3.0 3.5 2.0 8.03 Sept 6.0 4.5 Oct 2.25 7.0 Nov 5.0 2.75 1956-Feb 3.0 5.5 Mar. 4.5 Apr 3.0 May 5.5 io.6 In effect May 31, 1956.. 5.0 3.0 5.5 3.0 5.5 10.0 3.0 3.5 3.75 3.75 4.5 5.5 3.0 7.0 4.5 2.5 8.03 1.5 Other selected central banks—Rates in effect on May 31,1956 A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e A c r o e u a n t a r n y d Rate e M ffe o c n ti t v h e Europe: Asia: Asia—Cont.: Latin Am.—Cont. Italy 4.0 Apr. 1950 3.0 Feb. 1948 Thailand.... 7.0 Feb. 1945 El Salvador 2. 3.0 Mar. 1950 Portugal 2.5 Jan. 1944 India* 3.25 Mar. 1956 Latin America: Mexico 4.5 June 1942 Switzerland 1.5 Nov. 1936 Indonesia?... 3.0 Apr. 1946 Colombia*... 4.0 July 1933 Peru* 6.0 Nov. 1947 Pakistan 3.0 July 1948 Costa Rica*.. 3.0 Apr. 1939 Venezuela... 2.0 May 1947 1 Rates shown represent mainly those at which the Central bank either mestic commercial transactions (rate shown is for advances on commercial discounts or makes advances against eligible commercial paper and/or paper and miscellaneous collateral); India—3.5 per cent for discounts and government securities for commercial banks or brokers. For countries for advances on government securities (rate shown is for advances on comwith more than one rate applicable to such discounts or advances, the mercial paper); Indonesia—various rates dependent on type of paper, colrate shown is the one at which the largest proportion of central bank lateral, commodity involved, etc.; Colombia—3 per cent for agricultural credit operations is understood to be transacted. In certain cases other paper and for loans on products in bonded warehouses; Costa Rica—5 per rates for these countries are given in the following footnote. cent for paper related to commercial transactions (rate shown is for 2 Discounts or advances at other rates include: Japan—various rates agricultural and industrial paper); El Salvador—2 per cent for agricultural dependent on type of paper or transaction and extent of borrowing from paper; and Peru—4 per cent for agricultural, industrial, and mining paper. central bank, including 7.3 per cent for discount of paper related to do- OPEN MARKET RATES [Per cent per annum] Canada United ]Kingdom France Netherlands Sweden Sw la i n tz d er- Month 3 T m re b o a il n s l u t s h ry s* D m a d o y a n - y e to y - * 3 B a a m c a n c n o k e c n p e e t s r t h - s s ' 3 T r m e b a i o l s l n u s t r h y s D m a d o y a n - y e to y - a B d ll e a o p n o w o k n s a e i n r t s c s ' e D m a d o y a n - y e to y - 3 T r m e b a o i s l n l u s t r h y s D m a d o y a n - y e to y - 3 L m u o p o a n n to t s hs d P is r r i c a v o t a e u t n e t 1953 Dec 1.88 2.19 2.11 1.94 1.75 3.75 .03 .50 3-5 1.50 1954—Dec 1.08 .78 1.78 1.78 1.45 1.25 3.29 .77 .57 1.50 1955—May 1.24 .75 3.94 3.92 3.33 2.50 3.27 1.49 .90 4^-6 Vi 1.50 June 1.36 1.08 3.99 3.97 3.21 2.50 3.19 .91 .62 L.50 July 1.43 1.11 4.00 3.97 3.14 2.50 3.30 .75 .50 41*4—6 V£ L.50 1.62 1.34 4.06 4.00 3.24 2.50 3.06 .80 .56 4l£ _g \JLy L.50 Sept 1.79 1.61 4.15 4.07 3.15 2.50 3.00 1.04 .75 4V4—6V£ L.50 Oct 2.07 1.95 4.16 4.07 3.32 2.50 3.02 .94 .57 4^4—6 Vi 1.50 Nov 2.38 2.19 4.21 4.10 3.28 2.50 3.06 .75 .50 4vi-6y» 1.50 Dec 2.59 2.42 4.22 4.08 3.10 2.50 2.99 1.06 .62 4^A—6Vt L.50 1956—Jan 2.58 2.49 4.22 4.07 3.03 2.50 2.95 1.38 1.15 414-6^ 1.50 Feb 2.51 2.34 4.77 4.69 3.68 2.98 3.05 1.53 1.00 1.50 Mar. 2.62 r2.57 5.34 5.18 4.17 3.50 3.06 1.32 1.00 4*A— 6 lA 1.50 Apr 2.83 2.65 5.27 5.11 4.05 3.50 1.59 1.23 1.50 ' Revised. * Based on weekly averages of daily closing rates. 1 Based on average yield of weekly tenders during the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FOREIGN EXCHANGE RATES FOREIGN EXCHANGE RATES [Average of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Argentina Canada (peso) Aus- British (dollar) Year or month Prefer- (p t o ra u l n ia d) (s A ch u i s l t l r in ia g) B (f e r l a g n iu c m ) ( M do a s l i l a l a a y r - ) Basic ential Free Official Free 1950 26.571 13.333 8.289 223.15 .9908 32.788 90.909 91.474 1951 20.000 13.333 7.067 223.07 .9859 32.849 94.939 1952 20.000 13.333 7.163 222.63 .9878 32.601 102.149 1953 20.000 13.333 7.198 224.12 3.8580 2.0009 32.595 101.650 1954 20.000 13.333 7.198 223.80 3.8580 .9975 32.641 102.724 1955 120.000 U3.333 17.183 222.41 3.8580 .9905 32.624 101.401 1955—May. 20.000 13.333 7.168 222.78 3.8580 .9896 32.686 101.405 June. 20.000 13.333 7.175 222.29 3.8580 .9871 32.614 101.568 July. 20.000 13.333 7.175 221.91 3.8580 .9864 32.544 101.555 Aug. 20.000 13.333 7.173 222.04 3.8580 .9874 32.577 101.502 Sept. 20.000 13.333 7.175 221.98 3.8580 .9874 32.568 101.228 Oct.. 25.556 33.226 222.47 3.8580 .9911 32.639 100.474 Nov. 5.556 3.095 223.22 c3.8580 .9955 32.753 100.047 Dec, 5.556 2.806 223.32 3.8580 .9986 32.764 100.048 1956—Jan.. 5.556 2.587 223.63 3.8580 2.0001 32.819 100.122 Feb.. 5.556 2.386 223.62 3.8580 2.0000 32.816 100,080 Mar. 5.556 2.454 223.50 3.8580 2.0023 32.798 100.122 Apr.. 5.556 2.536 223.72 3.8580 2.0035 32.761 100.302 May. 5.556 2.657 223.71 3.8580 2.0029 32.700 100.803 Year or month C (r e u y p l e o e n ) (k m D r e o a n r n k - e) ( F m i a n r l k an k d a) F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c n ) h y e (r I u n p d e ia e) ( I p re o l u a n n d d ) M (p e e x s i o c ) o 1950.. 20.850 14.494 .2858 23.838 20.870 11.570 1951., 20.849 14.491 .4354 .2856 23.838 20.869 280.38 11.564 1952., 20.903 14.492 .4354 .2856 23.838 20.922 279.68 11.588 1953. 21.046 .4354 .2856 21.049 281.27 11.607 1954. 21.017 .4354 .2856 23.838 21.020 280.87 9.052 1955. 20.894 .4354 .2856 23.765 20.894 279.13 8.006 1955—May. 20.927 .4354 .2856 23.744 20.927 279.59 8.006 June., 20.877 .4354 .2856 23.733 20.877 278.98 8.006 July.. 20.847 .4354 .2856 23.732 20.847 278.50 8.006 Aug.. 20.861 .4354 .2856 23.729 20.861 278.67 8.006 Sept.. 20.852 .4354 .2856 23.726 20.852 278.58 8.006 Oct... 20.907 .4354 .2855 23.724 20.907 279.21 8.006 Nov.. 20.979 .4354 .2855 23.721 20.979 280.15 8.006 Dec. 20.988 .4354 .2854 23.719 20.988 280.26 8.006 1956—Jan.. 21.019 .4354 .2854 23.719 21.019 280.66 8.006 Feb.. 21.017 .4354 .2855 23.717 21.017 280.64 8.006 Mar.. 21.004 .4354 .2855 23.716 21.004 280.49 8.006 Apr.. 21.024 .4354 .2855 23.716 21.024 280.77 8.006 May. 21.022 .4354 .2855 23.729 21.022 280.76 8.006 Year or month ( e g N r u l e i a l t n d h d e - s r) Z (p e N o a u e la w n n d d ) N (k o r r o w n a e y ) R P ( e p p h p e i i n u l s i e o b p ) l - ic (e P s g c o u a r l t d u o - ) ( A p S o o fr u u i n c th a d) S (k w ro ed n e a n ) ( e S f r r w l a a i n n t c z d ) - ( U K p d n o i o i u n m t n g e d - d ) 1950 26.252 277.28 14.015 49.621 3.4704 278.38 19.332 23.136 280.07 1951 26.264 277.19 14.015 49.639 3.4739 278.33 19.327 23.060 279.96 1952 26.315 276.49 14.015 49.675 3.4853 278.20 19.326 23.148 279.26 1953 26.340 278.48 14.015 49.676 3.4887 280.21 19.323 23.316 281.27 1954 26.381 278.09 14.008 49.677 3.4900 279.82 19.333 23.322 280.87 1955 26.230 276.36 14.008 49.677 3.4900 278.09 19.333 23.331 279.13 1955—May 26.302 276.82 14.008 49.677 3.4900 278.54 19.333 23.333 279.59 June 26.228 276.22 14.008 49.677 3.4900 277.94 19.333 23.335 278.98 July. 26.166 275.74 14.008 49.677 3.4900 277.45 19.333 23.332 278.49 Aug. 26.127 275.91 14.008 49.677 3.4900 277.62 19.333 23.331 278.66 Sept. 26.148 275.82 14.008 49.677 3.4900 277.54 19.333 23.334 278.58 Oct.. 26.213 276.44 14.008 49.677 3.4900 278.16 19.333 23.332 279.20 Nov. 26.211 277.37 14.008 49.677 3.4900 279.10 19.333 23.335 280.14 Dec 26.128 277.49 14.008 49.677 3.4900 279.21 19.333 23.335 280.26 1956—Jan.. 26.125 277.88 14.008 49.677 3.4900 279.61 19.333 23.335 280.66 Feb.. 26.123 277.87 14.008 49.677 3.4900 279.60 19.333 23.335 280.64 Mar. 26.107 277.72 14.008 49.677 3.4900 279.45 19.333 23.335 280.49 Aor.. r26.125 277.99 14.008 49.677 3.4900 279.72 19.333 23.335 280.77 May 26.110 277.98 14.008 49.677 3.4900 279.71 19.333 23.332 280.76 rr RReevviisseedd.. cc CCoorrrreecctteedd.. 2 Official rate. The basic and preferential rates were discontinued and i Annual averages based on quotations through Oct. 27, 1955; monthly the new official rate of 18 pesos per U. S. dollar became effective Oct. averages for October for these rates were the same as those for Sep- 28, 1955. tembsr. 3 New free market rate, based on quotations beginning Oct. 28, 1955. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Board Publications The material listed below may be obtained from States and countries listed under Federal Rethe Division of Administrative Services, Board of serve Bulletin on this page, single copies 60 cents Governors of the Federal Reserve System, Wash- each or in quantities of 10 or more for single ington 25, D. C. Where a charge is indicated, shipment 50 cents each; elsewhere 70 cents per remittance should be made payable to the order copy. of the Board of Governors of the Federal Reserve FLOW OF FUNDS IN THE UNITED STATES, 1939-53. System. A new accounting record designed to picture the flow of funds through the major sectors of THE FEDERAL RESERVE SYSTEM—PURPOSES AND the national economy. December 1955. 390 FUNCTIONS. November 1955. 224 pages. pages. $2.75 per copy. ANNUAL REPORT of the BOARD OF GOVERNORS OF THE DEVELOPMENT OF BANK DEBITS AND CLEAR- THE FEDERAL RESERVE SYSTEM. Issued each INGS AND THEIR USE IN ECONOMIC ANALYSIS. year. January 1952. 175 pages. 25 cents per copy; in quantities of 10 or more copies for single FEDERAL RESERVE BULLETIN. Issued monthly. shipment, 15 cents each. Subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, A STATISTICAL STUDY OF REGULATION V LOANS. Costa Rica, Cuba, Dominican Republic, Ecua- September 1950. 74 pages. 25 cents per copy; dor, Guatemala, Haiti, Republic of Honduras, in quantities of 10 or more copies for single Mexico, Nicaragua, Panama, Paraguay, Peru, shipment, 15 cents each. El Salvador, Uruguay, and Venezuela is $6.00 BANKING AND MONETARY STATISTICS. Statistics of per annum or 60 cents per copy; elsewhere banking, monetary, and other financial develop- $7.00 per annum or 70 cents per copy. Group ments. November 1943. 979 pages. $1.50 subscriptions in the United States for 10 or per copy. No charge for individual sections more copies to one address, 50 cents per copy (unbound). per month, or $5.00 for 12 months. THE FEDERAL RESERVE ACT, as amended to November 1, 1946, with an Appendix containing FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued monthly. provisions of certain other statutes affecting the Annual subscription includes one issue of His- Federal Reserve System. 372 pages. $1.00 per torical Supplement listed on this page. Sub- copy. scription price in the United States and the RULES OF ORGANIZATION AND RULES OF PROCEcountries listed above is $6.00 per annum, 60 DURE—Board of Governors of the Federal Recents per copy, or 50 cents each in quantities serve System (with Amendments). September of 10 or more of a particular issue for single 1946. 31 pages. shipment; elsewhere $7.00 per annum or 70 REGULATIONS OF THE BOARD OF GOVERNORS OF cents per copy. THE FEDERAL RESERVE SYSTEM. Individual regulations with amendments and supplements HISTORICAL SUPPLEMENT TO FEDERAL RESERVE thereto. CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS. Issued annually in September. An- ADMINISTRATIVE INTERPRETATIONS OF REGULAnual subscription to monthly chart book in- TION F—SECTION 17—COMMON TRUST FUNDS. cludes one issue of Supplement. In the United 9 pages. 669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

670 FEDERAL RESERVE BULLETIN • JUNE 1956 PERIODIC RELEASES DEPARTMENT STORE CREDIT DEPARTMENT STORE MERCHANDISING DATA WEEKLY EMPLOYMENT IN NONAGRICULTURAL ESTABLISH- WEEKLY AVERAGES OF MEMBER BANK RESERVES, MENTS RESERVE BANK CREDIT, AND RELATED ITEMS AND STATEMENT OF CONDITION OF THE FED- FEDERAL RESERVE PAR LIST (Also annual list. ERAL RESERVE BANKS Both available at Federal Reserve Banks only) CHANGES IN COMMERCIAL AND INDUSTRIAL LOANS INTERDISTRICT SETTLEMENT FUND BY INDUSTRY INDEX NUMBERS OF WHOLESALE PRICES CHANGES IN STATE BANK MEMBERSHIP MONTHLY DEPARTMENT STORE SALES CONDITION OF WEEKLY REPORTING MEMBER MONTHLY DEPARTMENT STORE SALES AND BANKS IN LEADING CITIES STOCKS, BY DEPARTMENTS CONDITION OF WEEKLY REPORTING MEMBER MONTHLY DEPARTMENT STORE STOCKS BANKS IN CENTRAL RESERVE CITIES MONTHLY FOREIGN EXCHANGE RATES WEEKLY DEPARTMENT STORE SALES NATIONAL SUMMARY OF BUSINESS CONDITIONS WEEKLY DEPARTMENT STORE SALES—SELECTED CITIES AND AREAS OPEN-MARKET MONEY RATES AND BOND PRICES WEEKLY FOREIGN EXCHANGE RATES RETAIL FURNITURE REPORT WEEKLY REVIEW OF PERIODICALS (Available only SALES FINANCE COMPANIES for domestic distribution) STATE MEMBER BANKS OF THE FEDERAL RESERVE SEMIMONTHLY SYSTEM AND NONMEMBER BANKS THAT MAIN- TAIN CLEARING ACCOUNTS WITH FEDERAL RE- DEPOSITS, RESERVES, AND BORROWINGS OF MEM- SERVE BANKS (Also annual list) BER BANKS SELECTED LIST OF ADDITIONS TO THE RESEARCH SEMIANNUAL-QUARTERLY LIBRARY ALL BANKS IN THE UNITED STATES AND POSSES- MONTHLY SIONS—PRINCIPAL ASSETS AND LIABILITIES ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (Including Consolidated State- MEMBER BANK CALL REPORT ment for Banks and the Monetary System) MEMBER BANK EARNINGS ASSETS AND LIABILITIES OF ALL MEMBER BANKS, MEMBER BANK LOANS BY DISTRICTS BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS SALES, PROFITS, AND DIVIDENDS OF LARGE COR- PORATIONS BUSINESS INDEXES ANNUAL CONSUMER CREDIT (Short- and Intermediate-Term and Consumer Instalment Credit Extended and BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS Repaid) DEPARTMENT STORE TRADE CONSUMER FINANCE COMPANIES—LOANS OUT- STANDING AND VOLUME OF LOANS MADE BIENNIAL CONSUMER INSTALMENT CREDIT AT COMMERCIAL DISTRIBUTION OF BANK DEPOSITS BY COUNTIES BANKS AND STANDARD METROPOLITAN AREAS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS 671 REPRINTS REVISED INDEXES OF DEPARTMENT STORE SALES (From Federal Reserve Bulletin unless preceded by AND STOCKS. December 1951. 53 pages. an asterisk) RECENT CHANGES IN GERMANY'S FOREIGN TRADE THE HISTORY OF RESERVE REQUIREMENTS FOR BALANCE. March 1952. 7 pages. BANKS IN THE UNITED STATES. November 1938. 20 pages. BANKING IN THE SOVIET UNION. April 1952. 8 pages. HISTORICAL REVIEW OF OBJECTIVES OF FEDERAL RESERVE POLICY. April 1940. 11 pages. REVISED WEEKLY INDEX OF DEPARTMENT STORE SALES. April 1952. 4 pages. MEASUREMENT OF PRODUCTION. September 1940. 16 pages. REAL ESTATE LOANS OF REGISTRANTS UNDER REGULATION X. June 1952. 18 pages. FEDERAL RESERVE BANK LENDING POWER NOT DEPENDENT ON MEMBER BANK RESERVE BAL- REVISED SERIES ON DEPARTMENT STORE SALES, ANCES. February 1941. 2 pages. STOCKS, AND ORDERS. October 1952. 5 pages. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- RECENT CENTRAL BANKING DEVELOPMENTS IN tion of method used by Board in adjusting SOUTHEAST ASIA. December 1952. 9 pages. economic data for seasonal variation. June THE MONETARY SYSTEM OF THE UNITED STATES. 1941. 11 pages. February 1953. 16 pages. ESTIMATES OF GROSS NATIONAL PRODUCT, 1919- INFLUENCE OF CREDIT AND MONETARY MEASURES 28. September 1945. 2 pages. ON ECONOMIC STABILITY. March 1953. 16 VALUES AND LIMITATIONS OF CONSUMER FINAN- pages. CIAL SURVEYS FOR ECONOMIC RESEARCH. March 1947. 9 pages. FEDERAL FINANCIAL MEASURES FOR ECONOMIC STABILITY. May 1953. 7 pages. BANKING ASSETS AND THE MONEY SUPPLY SINCE 1929. January 1948. 9 pages. REVISION OF CONSUMER CREDIT STATISTICS. April 1953. 19 pages. SALES FINANCE COMPANY OPERATIONS IN 1947. July 1948. 6 pages. * DETAILED DESCRIPTION OF SOURCES AND METH- ODS USED IN REVISION OF SHORT- AND INTER- THE PHILIPPINE CENTRAL BANK ACT and Text of MEDIATE-TERM CONSUMER CREDIT STATISTICS the Act. In part a reprint from the August (supplementary details for item listed above), 1948 BULLETIN. 36 pages. April 1953. 25 pages. NEW STATISTICS OF INTEREST RATES ON BUSINESS LOANS. March 1949. 10 pages. FEDERAL RESERVE BANK RESPONSIBILITIES. May 1953. 5 pages. NOTES ON FOREIGN CURRENCY ADJUSTMENTS. November 1949. 14 pages. UNITED STATES POSTWAR INVESTMENT IN LATIN AMERICA. May 1953. 6 pages. MEASUREMENT OF CONSUMER CREDIT. November 1950. 9 pages. DEPARTMENT STORE SALES AND STOCKS, BY MAJOR DEPARTMENTS (Revised Indexes) No- * THE TREASURY—CENTRAL BANK RELATIONSHIP vember 1953. 65 pages. IN FOREIGN COUNTRIES—PROCEDURES AND TECHNIQUES. November 1950. April 1951. FEDERAL RESERVE MONTHLY INDEX OF INDUS- 19 pages. TRIAL PRODUCTION, 1953 Revision. December 1953. 96 pages. HOUSE PURCHASES IN THE FIVE MONTHS FOLLOW- ING THE INTRODUCTION OF REAL ESTATE CREDIT EXTENSIONS AND REPAYMENTS OF CONSUMER IN- REGULATION. July 1951. 23 pages. STALMENT CREDIT. January 1954. 14 pages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 FEDERAL RESERVE BULLETIN • JUNE 1956 NEW INDEXES OF OUTPUT OF CONSUMER DUR- BALANCE OF INTERNATIONAL PAYMENTS IN 1954- ABLE GOODS. May 1954. 15 pages. (Also, 55. October 1955. 8 pages. similar reprint from October 1951 BULLETIN) MONETARY POLICY AND THE REAL ESTATE MAR- KETS. December 1955. 6 pages. THE PRIVATE DEMAND FOR GOLD, 1931-53. September 1954. 10 pages. BANKING AND MONETARY STATISTICS, 1955. (Selected series of banking and monetary statistics RECENT FINANCIAL CHANGES IN WESTERN GERfor 1955 only) February and May 1956. 12 MANY. October 1954. 10 pages. pages. (Similar reprint of 1954 data, February and May 1955 BULLETINS). WORLD TRADE AND PRODUCTION IN 1953-54. October 1954. 10 pages. BANK CREDIT AND MONEY. February 1956. 9 pages. USE OF MONETARY INSTRUMENTS SINCE MID- 1952. December 1954. 8 pages. THE 1957 BUDGET. February 1956. 11 pages. DIRECTLY PLACED FINANCE COMPANY PAPER. De- INTERNATIONAL GOLD AND DOLLAR FLOWS. March cember 1954. 8 pages. 1956. 11 pages. (Also, similar reprint from March 1955 BULLETIN) SEASONAL ADJUSTMENT FACTORS FOR DEMAND DEPOSITS ADJUSTED AND CURRENCY OUTSIDE 1956 SURVEY OF CONSUMER FINANCES. Prelimi- BANKS. March 1955. 4 pages. nary Findings. March 1956. 3 pages. The Financial Position of Consumers. June 1956. UNITED STATES BANKS AND FOREIGN TRADE FI- 14 pages. (Other articles on the 1956 Survey NANCING. April 1955. 11 pages. will appear in later issues of the BULLETIN.) Similar Surveys are available for earlier years BANKERS' ACCEPTANCE FINANCING IN THE UNITED from 1952, 1953, 1954, and 1955 BULLETINS. STATES. May 1955. 13 pages. SURVEY OF BANK LOANS FOR COMMERCIAL AND ESTIMATES OF CONSUMER INSTALMENT CREDIT INDUSTRIAL PURPOSES. Business Loans of EXTENDED AND REPAID, 1929-1939. June 1955. Member Banks. April 1956. 14 pages. Credit 8 pages. Lines and Minimum Balance Requirements. June 1956. 7 pages. (Other articles on this SELECTED LIQUID ASSET HOLDINGS OF INDIVIDU- Survey will appear in later issues of the BUL- ALS AND BUSINESSES. July 1955. 2 pages. LETIN.) Reprints on a similar Survey are avail- (Also, similar article from July 1954 BUL- able from March, May, June, July, and August LETIN) 1947 BULLETINS. A FLOW-OF-FUNDS SYSTEM OF NATIONAL AC- FINANCING OF LARGE CORPORATIONS, 1951-55. COUNTS, ANNUAL ESTIMATES, 1939-54. Octo- June 1956. 9 pages. (Also similar reprint ber 1955. 40 pages. from June 1955 BULLETIN.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS of the Federal Reserve System WM. MCC. MARTIN, JR., Chairman C. CANBY BALDERSTON, Vice Chairman M. S. SZYMCZAK A. L. MILLS, JR. J. L. ROBERTSON JAMES K. VARDAMAN, JR. CHAS. N. SHEPARDSON ELLIOTT THURSTON, Assistant to the Board WINFIELD W. RIEFLER, Assistant to the Chairman WOODLIEF THOMAS, Economic Adviser to the Board ALFRED K. CHERRY, Legislative Counsel CHARLES MOLONY, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF BANK OPERATIONS ROBERT F. LEONARD, Director S. R. CARPENTER, Secretary J. E. HORBETT, Associate Director MERRITT SHERMAN, Assistant Secretary LOWELL MYRICK, Assistant Director KENNETH A. KEN YON, Assistant Secretary GERALD M. CONKLING, Assistant Director CLARKE L. FAUVER, Assistant Secretary JOHN R. FARRELL, Assistant Director LEGAL DIVISION DIVISION OF EXAMINATIONS GEORGE S. SLOAN, Director GEORGE B. VEST, General Counsel C. C. HOSTRUP, Assistant Director FREDERIC SOLOMON, Assistant General Counsel FRED A. NELSON, Assistant Director HOWARDH.HACKLEY,Assistant General Counsel ARTHUR H. LANG, Chief Federal Reserve DAVID B. HEXTER, Assistant General Counsel Examiner G. HOWLAND CHASE, Assistant General Counsel ROBERT C. MASTERS, Assistant Director JEROME W. SHAY, Assistant General Counsel GLENN M. GOODMAN, Assistant Director HENRY BENNER, Assistant Director DIVISION OF RESEARCH AND STATISTICS DIVISION OF PERSONNEL ADMINISTRATION EDWIN J. JOHNSON, Director RALPH A. YOUNG, Director H. FRANKLIN SPRECHER, JR., Assistant Director FRANK R. GARFIELD, Adviser GUY E. NOYES, Adviser DIVISION OF ADMINISTRATIVE SERVICES KENNETH B. WILLIAMS, Assistant Director LISTON P. BETHEA, Director SUSAN S. BURR, Assistant Director JOSEPH E. KELLEHER, Assistant Director ALBERT R. KOCH, Assistant Director OFFICE OF DEFENSE LOANS LEWIS N. DEMBITZ, Assistant Director GARDNER L. BOOTHE, II, Administrator OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE EDWIN J. JOHNSON, Controller ARTHUR W. MARGET, Director M. B. DANIELS, Assistant Controller 673 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN • JUNE 1956 Federal Open Market Committee WM. MCC. MARTIN, JR., Chairman ALLAN SPROUL, Vice Chairman C. CANBY BALDERSTON A. L. MILLS, JR. CHAS. N. SHEPARDSON J. A. ERICKSON O. S. POWELL M. S. SZYMCZAK DELOS C. JOHNS J. L. ROBERTSON JAMES K. VARDAMAN, JR. WINFIELD W. RIEFLER, Secretary FRANKLIN L. PARSONS, Associate Economist ELLIOTT THURSTON, Assistant Secretary H. V. ROELSE, Associate Economist GEORGE B. VEST, General Counsel PARKER B. WILLIS, Associate Economist FREDERIC SOLOMON, Assistant General Counsel RALPH A. YOUNG, Associate Economist WOODLIEF THOMAS, Economist ROBERT G. ROUSE, Manager of System Open WM. J. ABBOTT, JR., Associate Economist Market Account Federal Advisory Council WILLIAM D. IRELAND, BOSTON COMER J. KIMBALL, ATLANTA ADRIAN M. MASSIE, NEW YORK HOMER J. LIVINGSTON, CHICAGO WILLIAM R. K. MITCHELL, PHILADELPHIA LEE P. MILLER, ST. LOUIS FRANK R. DENTON, CLEVELAND, JULIAN B. BAIRD, MINNEAPOLIS Vice President R. CROSBY KEMPER, KANSAS CITY ROBERT V. FLEMING, RICHMOND, GEO. G. MATKIN, DALLAS President FRANK L. KING, SAN FRANCISCO WILLIAM J. KORSVIK, Acting Secretary Federal Reserve Banks and Branches District 1—FEDERAL RESERVE BANK OF BOSTON BOARD OF DIRECTORS Robert C. Sprague, Chairman and Federal Reserve Agent James R. Killian, Jr., Deputy Chairman Frederick S. Blackall, jr. Harold I. Chandler Harvey P. Hood Lloyd D. Brace Oliver B. Ellsworth Harry E. Umphrey Milton P. Higgins J. A. Erickson, President Alfred C. Neal, First Vice President Vice Presidents D. H. Angney E. O. Latham O. A. Schlaikjer Carl B. Pitman District 2—FEDERAL RESERVE BANK OF NEW YORK BOARD OF DIRECTORS Jay E. Crane, Chairman and Federal Reserve Agent Forrest F. Hill, Deputy Chairman John E. Bierwirth John R. Evans Howard C. Sheperd Ferd I. Collins Clarence Francis Lansing P. Shield Franz Schneider Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 675 District 2—FEDERAL RESERVE BANK OF NEW YORK-Continued Allan Sproul, President William F. Treiber, First Vice President Vice Presidents H. A. Bilby H. V. Roelse T. G. Tiebout John Exter Robert G. Rouse V. Willis H. H. Kimball I. B. Smith, in charge R. B. Wiltse A. Phelan of Buffalo Branch J. H. Wurts BUFFALO BRANCH—BOARD OF DIRECTORS Leland B. Bryan Ralph F. Peo Robert C. Tait, Robert L. Davis John W. Remington Chairman Charles H. Diefendorf Clayton G. White District 3—FEDERAL RESERVE BANK OF PHILADELPHIA BOARD OF DIRECTORS William J. Meinel, Chairman and Federal Reserve Agent Henderson Supplee, Jr., Deputy Chairman W. Elbridge Brown Bayard L. England Warren C. Newton Lester V. Chandler Lindley S. Hurff Charles E. Oakes Wm. Fulton Kurtz Alfred H. Williams, President W. J. Davis, First Vice President Vice Presidents Karl R. Bopp E. C. Hill P. M. Poorman Robert N. Hilkert Wm. G. McCreedy J. V. Vergari District 4—FEDERAL RESERVE BANK OF CLEVELAND BOARD OF DIRECTORS John C. Virden, Chairman and Federal Reserve Agent Arthur B. Van Buskirk, Deputy Chairman King E. Fauver Charles Z. Hardwick Alexander E. Walker Joseph B. Hall Edison Hobstetter Frank J. Welch J. Brenner Root W. D. Fulton, President Donald S. Thompson, First Vice President Vice Presidents Dwight L. Allen J. W. Kossin, in charge of Martin Morrison Roger R. Clouse Pittsburgh Branch H. E. J. Smith R. G. Johnson, in charge of A. H. Laning Paul C. Stetzelberger Cincinnati Branch CINCINNATI BRANCH—BOARD OF DIRECTORS Leonard M. Campbell Bernard H. Geyer Ivan Jett Roger Drackett Anthony Haswell, Chairman William A. Mitchell W. Bay Irvine PITTSBURGH BRANCH—BOARD OF DIRECTORS John H. Lucas Sumner E. Nichols John C. Warner Douglas M. Moorhead Albert L. Rasmussen Irving W. Wilson Henry A. Roemer, Jr., Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDERAL RESERVE BULLETIN • JUNE 1956 District 5—FEDERAL RESERVE BANK OF RICHMOND BOARD OF DIRECTORS John B. Woodward, Jr., Chairman and Federal Reserve Agent Alonzo G. Decker, Jr., Deputy Chairman Daniel W. Bell Joseph E. Healy J. K. Palmer D. W. Colvard L. Vinton Hershey W. A. L. Sibley Robert O. Huffman Hugh Leach, President Edw. A. Wayne, First Vice President Vice Presidents N. L. Armistead D. F. Hagner, in charge of James M. Slay R. L. Cherry, in charge of Baltimore Branch C. B. Strathy Charlotte Branch Aubrey N. Heflin Chas. W. Williams Upton S. Martin BALTIMORE BRANCH—BOARD OF DIRECTORS Theodore E. Fletcher Charles A. Piper Stanley B. Trott Wm. Purnell Hall John W. Stout Clarence R. Zarfoss, Charles W. Hoff Chairman CHARLOTTE BRANCH—BOARD OF DIRECTORS Archie K. Davis Ernest Patton Paul T. Taylor William H. Grier, I. W. Stewart G. G. Watts Chairman T. Henry Wilson District 6—FEDERAL RESERVE BANK OF ATLANTA BOARD OF DIRECTORS Walter M. Mitchell, Chairman and Federal Reserve Agent Harllee Branch, Jr., Deputy Chairman Roland L. Adams William C. Carter A. B. Freeman W. C. Bowman Henry G. Chalkley, Jr. Pollard Turman Donald Comer Malcolm Bryan, President Lewis M. Clark, First Vice President Vice Presidents V. K. Bowman John L. Liles, Jr. L. B. Raisty J. E. Denmark R. E. Moody, Jr., in charge Earle L. Rauber H. C. Frazer, in charge of of Nashville Branch S. P. Schuessler Birmingham Branch Harold T. Patterson M. L. Shaw, in charge T. A. Lanford, in charge of of New Orleans Jacksonville Branch Branch BIRMINGHAM BRANCH—BOARD OF DIRECTORS Edwin C. Bottcher E. W. McLeod John E. Urquhart Robert M. Cleckler Malcolm A. Smith Adolf Weil, Sr., John Will Gay Chairman JACKSONVILLE BRANCH—BOARD OF DIRECTORS Linton E. Allen James L. Niblack Harry M. Smith W. E. Ellis J Wayne Reitz McGregor Smith, Fames G. Garner Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 677 District 6—FEDERAL RESERVE BANK OF ATLANTA-Cbntinued NASHVILLE BRANCH—BOARD OF DIRECTORS Stewart Campbell A. Carter Myers Frank B. Ward, J. R. Kellam, Jr. W. E. Tomlinson Chairman Ernest J. Moench C. L. Wilson NEW ORLEANS BRANCH—BOARD OF DIRECTORS William J. Fischer D. U. Maddox H. A. Pharr Joel L. Fletcher, Jr. Leon J. Minvielle E. E. Wild, G. H. King, Jr. Chairman District 7—FEDERAL RESERVE BANK OF CHICAGO BOARD OF DIRECTORS Bert R. Prall, Chairman and Federal Reserve Agent Carl E. Allen, Jr., Deputy Chairman Walter J. Cummings William A. Hanley Nugent R. Oberwortmann William J. Grede Walter E. Hawkinson J. Stuart Russell Vivian W. Johnson (Vacancy) President E. C. Harris, First Vice President Vice Presidents Neil B. Dawes C. T. Laibly R. A. Swaney, in charge W. R. Diercks George W. Mitchell of Detroit Branch A. M. Gustavson H. J. Newman W. W. Turner A. L. Olson DETROIT BRANCH—BOARD OF DIRECTORS William M. Day Ira A. Moore Raymond T. Perring John A. Hannah, Howard P. Parshall Ernest W. Potter Chairman J. Thomas Smith District 8—FEDERAL RESERVE BANK OF ST. LOUIS BOARD OF DIRECTORS M. Moss Alexander, Chairman and Federal Reserve Agent Caffey Robertson, Deputy Chairman S. J. Beauchamp, Jr. J. E. Etherton Louis Ruthenburg Phil E. Chappell William A. McDonnell Leo J. Wieck Joseph H. Moore Delos C. Johns, President Frederick L. Deming, First Vice President Vice Presidents Wm. J. Abbott, Jr. Darryl R. Francis, in charge Victor M. Longstreet, in charge Fred Burton, in charge of of Memphis Branch of Louisville Branch Little Rock Branch Geo. E. Kroner H. H. Weigel Dale M. Lewis J. C. Wotawa LITTLE ROCK BRANCH—BOARD OF DIRECTORS Donald Barger H. C. McKinney, Jr. J. V. Satterfield, Jr. T. Winfred Bell Shuford R. Nichols, A. Howard Stebbins, Jr. E. C. Benton Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

678 FEDERAL RESERVE BULLETIN • JUNE 1956 District 8—FEDERAL RESERVE BANK OF ST. LOUIS-Contimied LOUISVILLE BRANCH—BOARD OF DIRECTORS David F. Cocks Pierre B. McBride, M. C. Minor Magnus J. Kreisle Chairman J. D. Monin, Jr. W. Scott Mclntosh Noel Rush MEMPHIS BRANCH—BOARD OF DIRECTORS Henry Banks John A. McCall John D. Williams, J. H. Harris William B. Pollard Chairman A. E. Hohenberg John K. Wilson District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS BOARD OF DIRECTORS Leslie N. Perrin, Chairman and Federal Reserve Agent O. B. Jesness, Deputy Chairman John E. Corette Thomas G. Harrison Joseph F. Ringland F. Albee Flodin Ray C. Lange Harold N. Thomson Harold C. Refling O. S. Powell, President A. W. Mills, First Vice President Vice Presidents Kyle K. Fossum, in charge C. W. Groth M. H. Strothman, Jr. of Helena Branch E. B. Larson Sigurd Ueland H. G. McConnell HELENA BRANCH—BOARD OF DIRECTORS A. W. Heidel Geo. N. Lund George R. Milburn, J. Willard Johnson Carl McFarland Chairman District 10—FEDERAL RESERVE BANK OF KANSAS CITY BOARD OF DIRECTORS Raymond W. Hall, Chairman and Federal Reserve Agent Joe W. Seacrest, Deputy Chairman K. S. Adams E. M. Dodds Max A. Miller W. L. Bunten W. S. Kennedy Oliver S. Willham Harold Kountze H. G. Leedy, President Henry O. Koppang, First Vice President Vice Presidents John T. Boysen R. L. Mathes, in charge Clarence W. Tow P. A. Debus, in charge of Oklahoma City Branch E. D. Vanderhoof of Omaha Branch Cecil Puckett, in charge D. W. Woolley of Denver Branch DENVER BRANCH—BOARD OF DIRECTORS Merriam B. Berger Ralph S. Newcomer Aksel Nielsen, Chairman Arthur Johnson Ray Reynolds OKLAHOMA CITY BRANCH—BOARD OF DIRECTORS Davis D. Bovaird, Chairman Phil H. Lowery R. Otis McClintock George R. Gear F. M. Overstreet Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANKS AND BRANCHES 679 District 10—FEDERAL RESERVE BANK OF KANSAS CITY-Coatinued OMAHA BRANCH—BOARD OF DIRECTORS C. Wheaton Battey Manville Kendrick James L. Paxton, Jr., George J. Forbes William N. Mitten Chairman District 11—FEDERAL RESERVE BANK OF DALLAS BOARD OF DIRECTORS Robert J. Smith, Chairman and Federal Reserve Agent Hal Bogle, Deputy Chairman John R. Alford D. A. Hulcy J. B. Thomas Henry P. Drought J. Edd McLaughlin Sam D. Young W. L. Peterson Watrous H. Irons, President W. D. Gentry, First Vice President Vice Presidents E. B. Austin W. E. Eagle, in charge of T. W. Plant Howard Carrithers, in charge San Antonio Branch L. G. Pondrom of El Paso Branch W. H. Holloway Morgan H. Rice J. L. Cook, in charge of Harry A. Shuford Houston Branch EL PASO BRANCH—BOARD OF DIRECTORS F. W. Barton Thomas C. Patterson D. F. Stahmann, John P. Butler J. M. Sakrison Chairman James A. Dick E, J. Workman HOUSTON BRANCH—BOARD OF DIRECTORS I. F. Betts W. B. Callan Herbert G. Sutton, L. R. Bryan, Jr. John C. Flanagan Chairman S. Marcus Greer Tyrus R. Timm SAN ANTONIO BRANCH—BOARD OF DIRECTORS Clarence E. Ayres, E. C. Breedlove V. S. Marett Chairman Burton Dunn Alex R. Thomas J. W. Beretta Harold Vagtborg District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO BOARD OF DIRECTORS A. H. Brawner, Chairman and Federal Reserve Agent Y. Frank Freeman, Deputy Chairman Carroll F. Byrd Walter S. Johnson Reese H. Taylor M. Vilas Hubbard Alden G. Roach Philip I. Welk John A. Schoonover H. N. Mangels, President Eliot J. Swan, First Vice President Vice Presidents E. R. Barglebaugh, in charge of E. R. Millard W. F. Volberg, Salt Lake City Branch R. H. Morrill in charge of J. M. Leisner, in charge of J. A. Randall, in charge of Los Angeles Branch Seattle Branch Portland Branch O. P. Wheeler H. F. Slade Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

680 FEDERAL RESERVE BULLETIN • JUNE 1956 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO-Contmued LOS ANGELES BRANCH—BOARD OF DIRECTORS Anderson Borthwick Charles Detoy Hugh C. Gruwell Shannon Crandall, Jr., Chairman James E. Shelton PORTLAND BRANCH—BOARD OF DIRECTORS Warren W. Braley John B. Rogers William H. Steiwer, Sr., J. H. McNally E. C. Sammons Chairman SALT LAKE CITY BRANCH—BOARD OF DIRECTORS Harry Eaton Russell S. Hanson Joseph Rosenblatt, George S. Eccles Chairman Geo. W. Watkins SEATTLE BRANCH—BOARD OF DIRECTORS James Brennan S. B. Lafromboise Ralph Sundquist, Charles F. Frankland D. K. MacDonald Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Index to Statistical Tables Acceptances, bankers', 616, 617 Department stores: Agricultural loans of commercial banks, 612 Merchandising data, 645 Agriculture, Govt. agency loans, 620, 621 Sales and stocks, 635, 644 Assets and liabilities {See also Foreign liabilities and Deposits {See also specific types of deposits): claims reported by banks): Adjusted, and currency, 608 Banks and the monetary system, consoli- Banks, by classes, 609, 613, 615 dated, 608 Federal Reserve Banks, 603, 604, 658 Corporate, current, 628 Postal savings, 608 Domestic banks, by classes, 609, 612, 614 Turnover of, 606 Federal Reserve Banks, 603, 604 Deposits, reserves, and borrowings, by class of mem- Foreign central banks, 662 ber bank, 601 Govt. corporations and credit agencies, by type Discount rates, 602, 667 and agency, 620, 621 Discounts and advances by Federal Reserve Banks, Automobiles: 599, 603 Consumer instalment credit, 632, 633, 634 Dividends, corporate, 627, 628 Production index, 637, 640 Dollar assets, foreign, 658, 661 Dwelling Units started, 641 Bankers' balances, 613, 615 {See also Foreign liabilities and claims reported Earnings and hours, manufacturing industries, 635, by banks) 643 Banks and the monetary system, consolidated state- Employment, 635, 643 ment, 608 Export-Import Bank, loans, etc., 620, 621 Bonds {See also U. S. Govt. securities): Farm mortgage loans, 620, 629, 630 New issues, 626, 628 Federal credit agencies {See Govt. agencies) Prices and yields, 617, 618 Federal Deposit Insurance Corporation, assets, Brokers and dealers in securities, bank etc., 620, 621 loans to, 612, 614 Federal finance: Business expenditures on new plant and equip- Cash transactions, 622 ment, 628 Receipts and expenditures, 623 Business indexes, 635 Treasurer's balance, 622 Business loans {See Commercial and industrial loans) Federal home loan banks, loans, etc., 620, 621, 631 Capital accounts: Federal Housing Administration, loans, etc., 620, 621, Banks, bv classes. 609, 613, 615 629, 630, 631 Federal Reserve Banks, 603, 604 Federal National Mortgage Association, loans, etc., Carloadings, 635 620, 621, 631 Central banks, foreign, 660, 662, 667 Federal Reserve Banks: Coins, circulation of, 607 Condition statement, 603, 604 Commercial banks: U. S. Govt. securities held by, 599, 603, 604, Assets and liabilities, 609, 612 624, 625 Consumer loans held, by type, 633 Federal Reserve credit, 599, 603, 604 Number, by classes, 609 Federal Reserve notes, 603, 604, 605, 607 Real estate mortgages held, by type, 629 Finance company paper, 616, 617 Commercial and industrial loans: Foreign central banks, 660, 662, 667 Commercial banks, 612 Foreign deposits in U. S. banks, 599, 603, 604, 608, Weekly reporting member banks, 614, 616 613, 615 Commercial paper, 616, 617 Foreign exchange rates, 668 Commodity Credit Corporation, loans, etc., 620, 621 Foreign liabilities and claims reported by banks, 654, Condition statements {See Assets and liabilities) 656, 658 Construction, 635, 640, 641 Foreign trade, 645 Consumer credit: Instalment credit, 632, 633, 634 Gold: Major parts, 632 Earmarked, 659 Noninstalment credit, by holder, 633 Net purchases by U. S., 659 Ratio of collections to accounts receivable, 634 Production, 658, 659 Consumer durable goods output indexes, 640 Reserves of central banks and governments, 660 Consumer price indexes, 635, 646 Reserves of foreign countries and international Consumption expenditures, 648, 649 institutions, 661 Corporate sales, profits, taxes, and dividends, 627, Stock, 599, 608, 659 628 Gold certificates, 603, 604, 605, 607 Corporate security issues, 626, 628 Govt. agencies, assets and liabilities, by type and Corporate security prices and yields, 617, 618 agency, 620, 621 Cost of living {See Consumer price indexes) Govt. debt {See U. S. Govt. securities) Currency in circulation, 599, 607 Gross national product, 648, 649 Customer credit, stock market, 618 Home owners, Govt. agency loans, 620, 621 Debits to deposit accounts, 606 Hours and earnings, manufacturing industries, 635, Demand deposits: 643 Adjusted, banks and the monetary system, 608 Adjusted, commercial banks, by classes, 613 Industrial advances by Federal Reserve Banks, 603, Banks, by classes, 609, 615 604, 605, 606 Industrial production indexes, 635, 636, 640 Type of holder, at commercial banks, 613 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN • JUNE 1956 Instalment loans, 632, 633, 634 Real estate loans: Insurance companies, 619, 624, 625, 630 Commercial banks, 612, 614, 629 Insured commercial banks, 611, 612 Type of mortgage holder, 629, 630, 631 Interbank deposits, 609, 613, 615 Type of property mortgaged, 629, 630, 631 Interest rates: Regulation V, loan guarantees, 605, 606 Bond yields, 617 Reserve requirements, member banks, 602 Business loans by banks, 617 Reserves: Federal Reserve rates, 602, 606 Commercial banks, 613 Foreign countries, 667 Federal Reserve Banks, 603, 604 Open market, 617, 667 Foreign central banks and governments, 660 Regulation V loans, 606 Foreign countries and international institu- Stock yields, 617 tions, 661 International capital transactions of the U. S., 654 Member banks, 599, 601, 603, 604, 613, 615 International financial institutions, 660, 661, 662 Residential mortgage loans, 629, 630, 631 Inventories, 649 Sales finance companies, consumer loans of, 632, 633 Investments {See also specific types of investments): Savings, 648 Banks, by classes, 609, 612, 614 Savings deposits {See Time deposits) Federal Reserve Banks, 603, 604 Savings institutions, principal assets, 619 Govt. agencies, etc., 620, 621 Savings and loan associations, 619, 630 Life insurance companies, 619 Securities, international transactions, 657, 658 Savings and loan associations, 619 Security issues, 626, 628 Silver coin and silver certificates, 607 Labor force, 642 State member banks, 611 Loans {See also specific types of loans): State and municipal securities: Banks, by classes, 609, 612, 614 New issues, 626 Federal Reserve Banks, 599, 601, 603, 604, 605, Prices and yields, 617, 618 606 States and political subdivisions: Govt. agencies, etc., 620, 621 Deposits of, 613, 615 Insurance companies, 619, 630 Holdings of U. S. Govt. securities, 624 Savings and loan associations, 619, 630 Ownership of obligations of, 612, 619 Loans insured or guaranteed, 605, 629, 630, 631 Stock market credit, 618 Stocks: Manufacturers, production indexes, 635, 636, 640 New issues, 626 Margin requirements, 602 Prices and yields, 617, 618 Member banks: Assets and liabilities, by classes, 609, 612 Tax receipts, Federal, 623 Borrowings at Federal Reserve Banks, 599, 601 Time deposits, 601, 608, 609, 613, 615 Deposits and reserves, by classes, 601 Treasurer's account balance, 622 Number, by classes, 609 Treasury cash, 599, 608 Operating ratios, 650 Treasury currency, 599, 607, 608 Reserve requirements, by classes, 602 Treasury deposits, 599, 603, 604, 622 Reserves and related items, 599 Weekly reporting series, 614 Unemployment, 642 Minerals, production indexes, 635, 636 U. S. Govt. balances: Money rates {See Interest rates) Commercial bank holdings, by classes, 613, 615 Mortgages {See Real estate loans) Consolidated monetary statement, 608 Mutual savings banks, 608, 609, 611, 624, 625, 629 Treasury deposits at Federal Reserve Banks, 599, 603, 604, 622 National banks, 611 U. S. Govt. securities: National income, 648 Bank holdings, 608, 609, 612, 614, 624, 625 National security expenditures, 623, 649 Federal Reserve Bank holdings, 599, 603, 604, Nonmember banks, 603, 611, 612 624, 625 Foreign and international holdings, 661 Operating ratios, member banks, 650 International transactions, 657 New issues, gross proceeds, 626 Payrolls, manufacturing, index, 635 Outstanding, by type of security, 624, 625 Personal income, 649 Ownership of, 624, 625 Postal Savings System, 608 Prices and yields, 617, 618 Prices: United States notes, outstanding and in circula- Consumer, 635, 646 tion, 607 Security, 618 Veterans Administration, loans, etc., 620, 621, Wholesale commodity, 635, 646 629, 630 Production, 635, 636, 640 Profits, corporate, 627, 628 Yields {See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(g THE FEDERAL RESERVE SYSTEM BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis